Quantum Computing (NASDAQ:QUBT) Stock Price Down 9.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded down 9.7% during trading on Monday . The company traded as low as $9.46 and last traded at $9.83. 41,307,107 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 61,121,204 shares. The stock had previously closed at $10.88.

Analyst Ratings Changes

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

Quantum Computing Stock Down 9.7 %

The stock’s 50 day simple moving average is $10.22 and its two-hundred day simple moving average is $4.08. The company has a market cap of $1.27 billion, a PE ratio of -33.90 and a beta of 2.83.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC grew its holdings 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 purchasing an additional 47,880 shares during the period. XTX Topco Ltd purchased a new stake in Quantum Computing during the third quarter worth approximately $46,000. Geode Capital Management LLC increased its position in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of Quantum Computing in the 4th quarter valued at $209,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Quantum Computing during the 4th quarter valued at $786,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.