Quantum Computing (NASDAQ:QUBT) Shares Down 20.3% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) fell 20.3% during mid-day trading on Monday . The company traded as low as $6.88 and last traded at $7.16. 16,510,350 shares traded hands during trading, a decline of 53% from the average session volume of 35,120,113 shares. The stock had previously closed at $8.98.

Analysts Set New Price Targets

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

Quantum Computing Price Performance

The firm has a market capitalization of $1.17 billion, a PE ratio of -31.17 and a beta of 2.83. The stock has a 50-day moving average price of $9.66 and a 200-day moving average price of $3.86.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently bought and sold shares of QUBT. XTX Topco Ltd acquired a new position in Quantum Computing in the third quarter worth about $46,000. Geode Capital Management LLC grew its stake in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. Virtu Financial LLC grew its stake in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Finally, Sovereign Financial Group Inc. acquired a new position in Quantum Computing in the fourth quarter worth about $209,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.