Quantum Computing (NASDAQ:QUBT) Trading Down 6% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 6% on Tuesday . The stock traded as low as $7.46 and last traded at $7.48. Approximately 5,517,757 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 30,314,555 shares. The stock had previously closed at $7.95.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their price objective on 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 business’s 50 day moving average price is $12.15 and its 200 day moving average price is $5.50. The stock has a market capitalization of $1.11 billion, a P/E ratio of -27.90 and a beta of 2.75.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing in the 4th quarter worth $30,000. Archer Investment Corp bought a new position in Quantum Computing in the fourth quarter valued at about $33,000. IFP Advisors Inc purchased a new position in Quantum Computing in the fourth quarter worth about $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing during the 4th quarter valued at about $33,000. Finally, Virtu Financial LLC grew 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 valued at $40,000 after purchasing an additional 47,880 shares during the period. 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.