Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 6.3% during trading on Friday . The stock traded as low as $9.80 and last traded at $10.19. Approximately 20,506,609 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 49,867,602 shares. The stock had previously closed at $10.88.

Analyst Ratings Changes

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

Quantum Computing Stock Down 9.7 %

The business’s 50-day simple moving average is $10.22 and its two-hundred day simple moving average is $4.06. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -33.90 and a beta of 2.83.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently bought and sold shares of the business. Virtu Financial LLC raised 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 buying an additional 47,880 shares during the period. XTX Topco Ltd purchased a new stake in Quantum Computing in the 3rd quarter worth $46,000. Geode Capital Management LLC lifted its holdings in Quantum Computing by 10.5% during 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 in the last quarter. Sovereign Financial Group Inc. acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $209,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $786,000. Hedge funds and other institutional investors 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.