Quantum Computing (NASDAQ:QUBT) Trading Down 7.3% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 7.3% during trading on Thursday . The company traded as low as $7.69 and last traded at $7.76. Approximately 12,364,477 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 15,465,763 shares. The stock had previously closed at $8.37.

Quantum Computing Price Performance

The company has a market cap of $986.98 million, a PE ratio of -24.73 and a beta of 3.26. The business has a 50 day moving average of $8.19 and a 200 day moving average of $6.27.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. Tower Research Capital LLC TRC purchased a new position in Quantum Computing in the 4th quarter worth about $30,000. IFP Advisors Inc purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Finally, Hollencrest Capital Management bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $41,000. Hedge funds and other 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.