Quantum Computing (NASDAQ:QUBT) Stock Price Down 2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) was down 2% on Monday . The stock traded as low as $16.74 and last traded at $17.98. Approximately 9,802,477 shares traded hands during trading, a decline of 3% from the average daily volume of 10,070,519 shares. The stock had previously closed at $18.35.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their price target on 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 Trading Down 10.7 %

The business has a fifty day moving average price of $7.26 and a two-hundred day moving average price of $2.98. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -57.07 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last released 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 company had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC boosted 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 purchasing an additional 47,880 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Quantum Computing during the 3rd quarter worth about $46,000. Finally, Geode Capital Management LLC lifted its holdings 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 buying an additional 65,486 shares during the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.