Quantum Computing (NASDAQ:QUBT) Shares Down 9.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 9.7% during trading on Monday . The company traded as low as $9.46 and last traded at $9.83. Approximately 41,307,107 shares traded hands during trading, a decline of 32% from the average daily volume of 61,121,204 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets upped their price target 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 Trading Up 16.9 %

The firm has a market capitalization of $1.48 billion, a P/E ratio of -39.62 and a beta of 2.83. The company’s fifty day simple moving average is $10.59 and its 200 day simple moving average is $4.22.

Quantum Computing (NASDAQ:QUBT) last issued 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 for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QUBT. XTX Topco Ltd bought a new position in Quantum Computing in the 3rd quarter worth $46,000. Geode Capital Management LLC increased its stake in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares in the last quarter. Virtu Financial LLC increased its stake in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Quantum Computing in the 4th quarter worth about $786,000. Finally, SG Americas Securities LLC bought a new position in shares of Quantum Computing in the 4th quarter worth about $626,000. 4.26% of the stock is currently owned by institutional investors.

About Quantum Computing

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.