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

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

Analyst Upgrades and Downgrades

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 Price Performance

The stock’s fifty day moving average is $11.50 and its two-hundred day moving average is $5.71. The stock has a market capitalization of $849.12 million, a P/E ratio of -21.34 and a beta of 2.75.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC acquired a new position in Quantum Computing in the 4th quarter valued at approximately $30,000. Archer Investment Corp bought a new position in Quantum Computing in the 4th quarter worth $33,000. IFP Advisors Inc acquired a new position in Quantum Computing during the 4th quarter worth $33,000. Farther Finance Advisors LLC bought a new stake in Quantum Computing during the fourth quarter valued at about $33,000. Finally, Virtu Financial LLC grew its position in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares during the last quarter. 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.