Quantum Computing (NASDAQ:QUBT) Trading Down 1.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) was down 1.5% during trading on Monday . The stock traded as low as $17.15 and last traded at $17.24. Approximately 24,990,518 shares were traded during trading, an increase of 13% from the average daily volume of 22,122,840 shares. The stock had previously closed at $17.50.

Analyst Upgrades and Downgrades

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

Quantum Computing Trading Down 43.3 %

The company has a market cap of $1.28 billion, a price-to-earnings ratio of -34.17 and a beta of 2.83. The business’s 50 day moving average price is $9.09 and its 200-day moving average price is $3.63.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently made changes to their positions in QUBT. Virtu Financial LLC raised its stake in Quantum Computing by 377.7% in 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 in the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing in the third quarter valued at approximately $46,000. Finally, Geode Capital Management LLC boosted its stake in shares of Quantum Computing by 10.5% in the third 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. Institutional investors own 4.26% of the company’s stock.

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.