Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 1.7% on Friday . The stock traded as low as $7.84 and last traded at $7.95. 8,630,569 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 29,460,414 shares. The stock had previously closed at $8.09.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted their price target on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Trading Down 5.1 %

The company’s 50 day moving average price is $12.15 and its 200-day moving average price is $5.50. The company has a market capitalization of $1.05 billion, a PE ratio of -26.23 and a beta of 2.75.

Institutional Trading of Quantum Computing

Several institutional investors have recently made changes to their positions in QUBT. XTX Topco Ltd purchased a new stake in shares of Quantum Computing during the 3rd quarter valued at $46,000. Geode Capital Management LLC grew its stake in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares during the period. Virtu Financial LLC boosted its position in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the period. Sovereign Financial Group Inc. purchased a new stake in Quantum Computing during the 4th quarter worth $209,000. Finally, Diversify Wealth Management LLC purchased a new stake in Quantum Computing during the 4th quarter worth $331,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Company Profile

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.