Quantum Computing (NASDAQ:QUBT) Shares Gap Down – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) gapped down before the market opened on Thursday . The stock had previously closed at $17.09, but opened at $16.72. Quantum Computing shares last traded at $18.38, with a volume of 8,607,917 shares.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Down 4.6 %

The firm has a market cap of $2.37 billion, a P/E ratio of -63.28 and a beta of 3.11. The stock’s 50-day moving average is $6.26 and its 200-day moving average is $2.59.

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

Institutional Trading of Quantum Computing

Institutional investors have recently modified their holdings of the company. XTX Topco Ltd bought a new position in Quantum Computing in the third quarter worth $46,000. Geode Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 65,486 shares during the period. Finally, Virtu Financial LLC boosted its position 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 valued at $40,000 after acquiring an additional 47,880 shares in the last quarter. Institutional investors and hedge funds 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.