Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.4% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 6.4% during trading on Tuesday . The company traded as low as $16.31 and last traded at $17.03. Approximately 17,405,030 shares changed hands during mid-day trading, an increase of 78% from the average daily volume of 9,757,801 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

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

Quantum Computing Stock Down 6.0 %

The company has a market cap of $2.03 billion, a PE ratio of -58.93 and a beta of 3.07. The firm’s 50-day moving average is $5.89 and its 200-day moving average is $2.48.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC lifted its position in 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 buying an additional 47,880 shares during the period. Geode Capital Management LLC increased its stake 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 worth $449,000 after acquiring an additional 65,486 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Quantum Computing in the 3rd quarter worth about $46,000. 4.26% of the stock is 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.