Quantum Computing (NASDAQ:QUBT) Stock Price Down 9.5% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 9.5% on Thursday . The company traded as low as $10.38 and last traded at $10.45. 66,737,379 shares changed hands during trading, an increase of 38% from the average session volume of 48,238,301 shares. The stock had previously closed at $11.55.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised 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 Down 5.7 %

The company has a market cap of $1.41 billion, a price-to-earnings ratio of -37.70 and a beta of 2.83. The stock’s 50 day moving average price is $9.86 and its 200 day moving average price is $3.92.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently bought and sold shares of QUBT. Virtu Financial LLC increased its holdings 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 buying an additional 47,880 shares during the last quarter. XTX Topco Ltd acquired a new stake in Quantum Computing during the third quarter worth about $46,000. Sovereign Financial Group Inc. purchased a new position in shares of Quantum Computing in the 4th quarter worth about $209,000. Diversify Wealth Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at about $331,000. Finally, Geode Capital Management LLC grew its holdings in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.