Quantum Computing (NASDAQ:QUBT) Shares Down 1.8% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 1.8% during trading on Friday . The stock traded as low as $9.40 and last traded at $9.73. 15,268,598 shares traded hands during trading, a decline of 57% from the average session volume of 35,817,813 shares. The stock had previously closed at $9.91.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Down 9.4 %

The business has a 50-day simple moving average of $9.42 and a two-hundred day simple moving average of $3.75. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -30.97 and a beta of 2.83.

Institutional Trading of Quantum Computing

Institutional investors have recently modified their holdings of the company. Virtu Financial LLC raised its position in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Quantum Computing in the 3rd quarter worth approximately $46,000. Finally, Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% during the third 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 last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.