Quantum Computing (NASDAQ:QUBT) Stock Price Down 49.9% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) traded down 49.9% during mid-day trading on Wednesday . The stock traded as low as $8.75 and last traded at $8.77. 41,058,118 shares traded hands during trading, an increase of 26% from the average session volume of 32,686,193 shares. The stock had previously closed at $17.49.

Analysts Set New Price Targets

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

Quantum Computing Stock Performance

The business has a fifty day moving average of $8.91 and a two-hundred day moving average of $3.58. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -35.24 and a beta of 2.83.

Institutional Trading of Quantum Computing

Several institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC increased its position in shares of Quantum Computing by 377.7% in the third 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. XTX Topco Ltd bought a new position in Quantum Computing in the 3rd quarter valued at about $46,000. Finally, Geode Capital Management LLC raised its position in shares of Quantum Computing by 10.5% in 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 in the last quarter. 4.26% of the stock is currently 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.