Quantum Computing (NASDAQ:QUBT) Trading Down 5.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) fell 5.4% during mid-day trading on Wednesday . The stock traded as low as $8.10 and last traded at $8.16. 21,684,119 shares were traded during mid-day trading, an increase of 41% from the average session volume of 15,356,321 shares. The stock had previously closed at $8.63.

Quantum Computing Stock Down 3.7 %

The firm has a market cap of $1.14 billion, a P/E ratio of -28.68 and a beta of 3.26. The company’s 50 day simple moving average is $8.22 and its 200-day simple moving average is $6.26.

Institutional Trading of Quantum Computing

Several institutional investors have recently added to or reduced their stakes in QUBT. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the fourth quarter worth about $69,613,000. Anson Funds Management LP bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $70,006,000. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 83.6% during the fourth 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 in the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $13,953,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $11,750,000. 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.