Quantum Computing (NASDAQ:QUBT) Stock Price Down 2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 2% on Friday . The company traded as low as $17.63 and last traded at $18.86. 31,893,875 shares were traded during mid-day trading, an increase of 219% from the average session volume of 10,008,166 shares. The stock had previously closed at $19.24.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Down 4.6 %

The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -63.28 and a beta of 3.11. The company’s fifty day moving average is $6.61 and its two-hundred day moving average is $2.72.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) EPS 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

Several institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd bought a new position in Quantum Computing during the third quarter worth about $46,000. Geode Capital Management LLC raised 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 during the period. Finally, Virtu Financial LLC lifted 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 valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. Institutional investors and hedge funds 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.