Quantum Computing (NASDAQ:QUBT) Stock Price Down 49.9% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares traded down 49.9% during trading on Wednesday . The stock traded as low as $8.75 and last traded at $8.77. 41,058,118 shares were traded during trading, an increase of 26% from the average session volume of 32,686,193 shares. The stock had previously closed at $17.49.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets upped their price objective on 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 Trading Down 9.4 %

The company has a 50 day simple moving average of $9.26 and a 200 day simple moving average of $3.67. The stock has a market capitalization of $1.16 billion, a PE ratio of -30.97 and a beta of 2.83.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. Virtu Financial LLC lifted its stake in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the period. Geode Capital Management LLC raised its position in 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 purchasing an additional 65,486 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the third quarter valued at about $46,000. 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.