Quantum Computing (NASDAQ:QUBT) Stock Price Down 0.4% - Here's What Happened

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares dropped 0.4% on Tuesday . The company traded as low as $9.61 and last traded at $9.91. Approximately 12,357,865 shares were traded during trading, a decline of 66% from the average daily volume of 36,539,250 shares. The stock had previously closed at $9.95.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted 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 Stock Down 3.0 %

The company's 50-day simple moving average is $11.90 and its 200 day simple moving average is $4.98. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -32.00 and a beta of 2.75.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter. The firm had revenue of $0.10 million during the quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. UNICOM Systems Inc. acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $5,707,000. Mission Wealth Management LP bought a new stake in Quantum Computing during the 4th quarter valued at approximately $1,986,000. Raymond James Financial Inc. acquired a new stake in Quantum Computing in the 4th quarter valued at approximately $1,924,000. SBI Securities Co. Ltd. bought a new position in Quantum Computing in the 4th quarter worth approximately $1,602,000. Finally, Focus Financial Network Inc. acquired a new position in shares of Quantum Computing during the fourth quarter worth approximately $1,536,000. 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.