Quantum Computing (NASDAQ:QUBT) Shares Down 9.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 9.7% during mid-day trading on Monday . The stock traded as low as $9.46 and last traded at $9.83. Approximately 41,307,107 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 61,121,204 shares. The stock had previously closed at $10.88.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price target 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 Stock Performance

The company’s 50-day moving average is $10.59 and its 200 day moving average is $4.22. The company has a market capitalization of $1.48 billion, a PE ratio of -39.62 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter. The company had revenue of $0.10 million for the quarter.

Institutional Trading of Quantum Computing

Several institutional investors have recently bought and sold shares of the company. Flagship Harbor Advisors LLC purchased a new stake in Quantum Computing during the 4th quarter valued at about $199,000. Veracity Capital LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $343,000. Janney Montgomery Scott LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $786,000. SG Americas Securities LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $626,000. Finally, Diversify Wealth Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $331,000. 4.26% of the stock is 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.