Quantum Computing (NASDAQ:QUBT) Trading Down 3.3% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 3.3% on Tuesday . The company traded as low as $9.60 and last traded at $9.61. Approximately 5,248,243 shares were traded during trading, a decline of 88% from the average daily volume of 42,767,695 shares. The stock had previously closed at $9.94.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Down 1.3 %

The firm’s fifty day simple moving average is $11.49 and its 200-day simple moving average is $4.62. The firm has a market capitalization of $1.29 billion, a PE ratio of -34.48 and a beta of 2.83.

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

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently added to or reduced their stakes in the stock. UNICOM Systems Inc. bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $5,707,000. Focus Financial Network Inc. purchased a new position in Quantum Computing during the fourth quarter valued at approximately $1,536,000. Heck Capital Advisors LLC bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $1,255,000. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the third quarter worth $46,000. Finally, Geode Capital Management LLC raised its position 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 purchasing an additional 65,486 shares during the period. 4.26% of the stock is currently owned by hedge funds and other 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.