Quantum Computing (NASDAQ:QUBT) Stock Price Down 6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 6% during trading on Tuesday . The company traded as low as $7.46 and last traded at $7.48. Approximately 5,517,757 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 30,314,555 shares. The stock had previously closed at $7.95.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased 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 Down 7.2 %

The stock has a market capitalization of $1.01 billion, a PE ratio of -25.45 and a beta of 2.75. The firm has a 50 day moving average price of $12.09 and a 200-day moving average price of $5.46.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $30,000. IFP Advisors Inc purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Archer Investment Corp purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Finally, Hollencrest Capital Management acquired a new stake in Quantum Computing during the fourth quarter worth about $41,000. 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.