Quantum Computing (NASDAQ:QUBT) Shares Down 1.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 1.2% during mid-day trading on Thursday . The company traded as low as $10.01 and last traded at $10.01. Approximately 5,292,840 shares traded hands during trading, a decline of 87% from the average daily volume of 39,555,637 shares. The stock had previously closed at $10.13.

Analysts Set New Price Targets

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

Quantum Computing Stock Performance

The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -34.48 and a beta of 2.83. The business’s 50 day simple moving average is $11.49 and its 200-day simple moving average is $4.62.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $0.10 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. XTX Topco Ltd acquired a new position in Quantum Computing during the 3rd quarter valued at about $46,000. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 65,486 shares in the last quarter. Virtu Financial LLC increased 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. Sovereign Financial Group Inc. bought a new stake in Quantum Computing during the fourth quarter worth approximately $209,000. Finally, Diversify Wealth Management LLC acquired a new stake in Quantum Computing in the fourth quarter worth approximately $331,000. 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.