Quantum Computing (NASDAQ:QUBT) Stock Price Down 7.5% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded down 7.5% during trading on Friday . The company traded as low as $16.98 and last traded at $17.34. 11,055,588 shares changed hands during trading, a decline of 36% from the average session volume of 17,187,117 shares. The stock had previously closed at $18.75.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased 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 stock has a market cap of $2.26 billion, a PE ratio of -60.34 and a beta of 3.07. The company’s fifty day moving average is $7.92 and its 200-day moving average is $3.19.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Quantum Computing in the third quarter worth about $46,000. Finally, Virtu Financial LLC boosted its stake in shares of Quantum Computing by 377.7% during 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. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.