Quantum Computing (NASDAQ:QUBT) Stock Price Down 7.5% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) fell 7.5% during mid-day trading on Friday . The company traded as low as $16.98 and last traded at $17.34. 11,055,588 shares were traded during trading, a decline of 36% from the average session volume of 17,187,117 shares. The stock had previously closed at $18.75.

Analyst Ratings Changes

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

Quantum Computing Stock Performance

The stock’s fifty day moving average price is $8.25 and its 200-day moving average price is $3.32. The firm has a market cap of $2.26 billion, a PE ratio of -60.34 and a beta of 2.83.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of QUBT. Geode Capital Management LLC increased its position 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 buying an additional 65,486 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the third quarter valued at about $46,000. Finally, Virtu Financial LLC grew its position in shares of Quantum Computing by 377.7% in 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. 4.26% of the stock is owned by institutional investors and hedge funds.

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.