Quantum Computing (NASDAQ:QUBT) Stock Price Down 1.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 1.5% during mid-day trading on Monday . The stock traded as low as $17.15 and last traded at $17.24. Approximately 24,990,518 shares were traded during mid-day trading, an increase of 13% from the average daily volume of 22,122,840 shares. The stock had previously closed at $17.50.

Analyst Upgrades and Downgrades

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

Quantum Computing Trading Up 1.5 %

The stock has a 50 day simple moving average of $8.25 and a 200-day simple moving average of $3.34. The firm has a market cap of $2.29 billion, a PE ratio of -61.24 and a beta of 2.83.

Institutional Trading of Quantum Computing

Institutional investors have recently made changes to their positions in the business. Virtu Financial LLC boosted its stake in Quantum Computing by 377.7% in 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 bought a new position in shares of Quantum Computing during the third quarter worth $46,000. Finally, Geode Capital Management LLC increased its holdings in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. Hedge funds and other 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.