Quantum Computing (NASDAQ:QUBT) Shares Down 6% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price fell 6% during trading on Tuesday . The company traded as low as $7.46 and last traded at $7.48. 5,517,757 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 30,314,555 shares. The stock had previously closed at $7.95.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their target price 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 stock's fifty day simple moving average is $12.15 and its 200-day simple moving average is $5.50. The stock has a market cap of $1.03 billion, a P/E ratio of -25.83 and a beta of 2.75.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently bought and sold shares of the business. UNICOM Systems Inc. bought a new position in Quantum Computing in the fourth quarter worth about $5,707,000. SG Americas Securities LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $626,000. Virtu Financial LLC raised its holdings in shares of Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock valued at $40,000 after buying an additional 47,880 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $786,000. Finally, Heck Capital Advisors LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $1,255,000. 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.