Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) dropped 3.3% on Tuesday . The stock traded as low as $9.60 and last traded at $9.61. Approximately 5,248,243 shares were traded during trading, a decline of 88% from the average daily volume of 42,767,695 shares. The stock had previously closed at $9.94.

Analysts Set New Price Targets

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

Quantum Computing Trading Up 2.6 %

The company has a market capitalization of $1.32 billion, a P/E ratio of -35.17 and a beta of 2.83. The company’s 50 day moving average is $11.20 and its 200-day moving average is $4.51.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share for the quarter. The business had revenue of $0.10 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently added to or reduced their stakes in the stock. Archer Investment Corp bought a new position in shares of Quantum Computing during the fourth quarter valued at $33,000. Flagship Harbor Advisors LLC bought a new stake in Quantum Computing during the 4th quarter valued at about $199,000. Sovereign Financial Group Inc. bought a new stake in Quantum Computing during the 4th quarter valued at about $209,000. Diversify Wealth Management LLC bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $331,000. Finally, Veracity Capital LLC bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $343,000. 4.26% of the stock is owned by 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.