Quantum Computing (NASDAQ:QUBT) Shares 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 traded hands during mid-day trading, a decline of 36% from the average session volume of 17,187,117 shares. The stock had previously closed at $18.75.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets upped their target price on Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Quantum Computing Price Performance

The company’s fifty day simple moving average is $7.92 and its 200-day simple moving average is $3.19. The firm has a market capitalization of $2.26 billion, a PE ratio of -60.34 and a beta of 3.07.

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

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 65,486 shares in the last quarter. XTX Topco Ltd purchased a new position in Quantum Computing in the 3rd quarter valued at $46,000. Finally, Virtu Financial LLC boosted its stake in 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 purchasing an additional 47,880 shares during the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.