Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.1% - Here's Why

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

Wall Street Analyst Weigh In

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

Quantum Computing Price Performance

The firm's fifty day moving average price is $11.09 and its 200-day moving average price is $5.82. The company has a market capitalization of $832.66 million, a price-to-earnings ratio of -20.93 and a beta of 2.75.

Institutional Trading of Quantum Computing

Several institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing in the fourth quarter worth $69,613,000. Anson Funds Management LP bought a new stake in shares of Quantum Computing in the fourth quarter worth $70,006,000. Vanguard Group Inc. grew its stake in shares of Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after purchasing an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing in the fourth quarter worth $13,953,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Quantum Computing in the fourth quarter worth $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.