Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 1.4% during mid-day trading on Tuesday . The company traded as low as $8.45 and last traded at $8.63. Approximately 7,619,553 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 26,607,623 shares. The stock had previously closed at $8.75.

Quantum Computing Stock Performance

The stock has a 50-day moving average of $8.15 and a 200 day moving average of $6.46. The firm has a market capitalization of $1.15 billion, a P/E ratio of -29.00 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million for the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the business posted ($0.09) EPS.

Institutional Trading of Quantum Computing

Several hedge funds have recently modified their holdings of QUBT. Tower Research Capital LLC TRC bought a new position in Quantum Computing in the 4th quarter worth approximately $30,000. Archer Investment Corp acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $33,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing during the fourth quarter worth $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing during the fourth quarter worth $33,000. Finally, Virtu Financial LLC lifted its stake in shares of Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares during the period. 4.26% of the stock is owned by institutional investors.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.