Quantum Computing (NASDAQ:QUBT) Trading Down 33.3% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 33.3% during trading on Thursday . The company traded as low as $15.66 and last traded at $17.13. 63,702,411 shares traded hands during mid-day trading, an increase of 624% from the average session volume of 8,799,881 shares. The stock had previously closed at $25.68.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The firm’s fifty day moving average is $4.89 and its 200-day moving average is $2.11. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -60.76 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $0.18 million for the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in shares of Quantum Computing during the third quarter valued at about $46,000. Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the period. Finally, Virtu Financial LLC boosted its holdings in 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 in the last quarter. 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.