Quantum Computing (NASDAQ:QUBT) Trading Down 3.1% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) fell 3.1% on Thursday . The company traded as low as $6.26 and last traded at $6.64. 2,984,643 shares were traded during mid-day trading, a decline of 89% from the average session volume of 27,355,932 shares. The stock had previously closed at $6.85.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted their target price on shares of 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 Trading Down 1.8 %

The firm has a market capitalization of $832.66 million, a PE ratio of -20.93 and a beta of 2.75. The business’s 50 day simple moving average is $11.32 and its two-hundred day simple moving average is $5.71.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. purchased a new stake in Quantum Computing during the 4th quarter valued at $69,613,000. Anson Funds Management LP bought a new stake in shares of Quantum Computing during the 4th quarter valued at $70,006,000. Vanguard Group Inc. grew its position in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing during the 4th quarter valued at $13,953,000. Finally, Geode Capital Management LLC grew its position in shares of Quantum Computing by 11.0% during the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock valued at $12,627,000 after acquiring an additional 75,380 shares during the period. 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.