Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 6.2% on Tuesday . The company traded as low as $16.37 and last traded at $16.97. Approximately 16,556,699 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 26,125,895 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets lifted 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 Performance

The firm has a market capitalization of $2.22 billion, a PE ratio of -59.41 and a beta of 2.83. The firm’s 50-day moving average is $8.59 and its 200 day moving average is $3.47.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC raised its holdings in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the last quarter. Geode Capital Management LLC raised its stake 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 purchasing an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Quantum Computing in the 3rd quarter valued at about $46,000. 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.