Quantum Computing (NASDAQ:QUBT) Trading Down 6.5% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 6.5% during mid-day trading on Monday . The stock traded as low as $4.64 and last traded at $4.71. Approximately 2,163,539 shares changed hands during trading, a decline of 85% from the average daily volume of 14,400,960 shares. The stock had previously closed at $5.03.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted 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 Price Performance

The stock’s fifty day moving average is $9.53 and its 200-day moving average is $6.01. The stock has a market capitalization of $648.84 million, a PE ratio of -16.31 and a beta of 3.26.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new position in Quantum Computing in the 4th quarter valued at $30,000. IFP Advisors Inc acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $33,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Archer Investment Corp acquired a new position in Quantum Computing during the fourth quarter worth about $33,000. Finally, Hollencrest Capital Management purchased a new stake in Quantum Computing during the 4th quarter valued at about $41,000. Hedge funds and other 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.