Quantum Computing (NASDAQ:QUBT) Shares Down 2.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 2.7% on Wednesday . The company traded as low as $9.72 and last traded at $9.92. 5,533,097 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 41,167,211 shares. The stock had previously closed at $10.20.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Up 3.8 %

The business has a 50-day simple moving average of $11.59 and a two-hundred day simple moving average of $4.65. The stock has a market capitalization of $1.34 billion, a P/E ratio of -35.79 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter. The business had revenue of $0.10 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Advisors Inc. OK acquired a new position in shares of Quantum Computing during the fourth quarter valued at $166,000. SRH Advisors LLC acquired a new position in shares of Quantum Computing during the fourth quarter valued at $69,000. UNICOM Systems Inc. acquired a new position in shares of Quantum Computing during the fourth quarter valued at $5,707,000. Essex Financial Services Inc. acquired a new position in shares of Quantum Computing during the fourth quarter valued at $174,000. Finally, Focus Financial Network Inc. acquired a new position in shares of Quantum Computing during the fourth quarter valued at $1,536,000. 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.