Quantum Computing (NASDAQ:QUBT) Trading Down 9.9% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 9.9% during mid-day trading on Tuesday . The stock traded as low as $16.63 and last traded at $16.71. Approximately 7,853,795 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 10,107,755 shares. The stock had previously closed at $18.54.

Wall Street Analysts Forecast Growth

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

Quantum Computing Trading Down 10.7 %

The business has a 50-day moving average price of $7.57 and a 200-day moving average price of $3.08. The firm has a market cap of $2.13 billion, a P/E ratio of -57.07 and a beta of 3.07.

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

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd bought a new position in Quantum Computing in the third quarter worth about $46,000. Geode Capital Management LLC grew its position in shares of Quantum Computing by 10.5% in 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 last quarter. Finally, Virtu Financial LLC raised its stake 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 worth $40,000 after acquiring an additional 47,880 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other 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.