Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares traded down 3.2% during trading on Wednesday . The stock traded as low as $5.02 and last traded at $5.09. 2,359,537 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 25,638,244 shares. The stock had previously closed at $5.26.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted 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 Stock Up 1.4 %

The firm has a market cap of $731.83 million, a price-to-earnings ratio of -18.36 and a beta of 3.26. The company has a 50-day moving average price of $10.60 and a 200 day moving average price of $5.89.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QUBT. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the 4th quarter worth $30,000. IFP Advisors Inc bought a new position in shares of Quantum Computing during the 4th quarter worth about $33,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Archer Investment Corp bought a new stake in Quantum Computing in the fourth quarter valued at about $33,000. Finally, Hollencrest Capital Management acquired a new position in Quantum Computing in the fourth quarter worth about $41,000. 4.26% of the stock is owned by institutional investors.

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.