Quantum Computing (NASDAQ:QUBT) Trading Down 3.1% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 3.1% on Thursday . The stock traded as low as $6.26 and last traded at $6.64. Approximately 2,984,643 shares were traded during trading, a decline of 89% from the average daily volume of 27,355,932 shares. The stock had previously closed at $6.85.

Analysts Set New Price Targets

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

Quantum Computing Stock Down 1.8 %

The company’s fifty day moving average price is $11.32 and its 200-day moving average price is $5.71. The stock has a market capitalization of $832.66 million, a PE ratio of -20.93 and a beta of 2.75.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently made changes to their positions in the business. Heck Capital Advisors LLC purchased a new position in shares of Quantum Computing during the fourth quarter valued at approximately $1,255,000. Two Sigma Investments LP purchased a new position in Quantum Computing in the 4th quarter worth approximately $657,000. Toronto Dominion Bank purchased a new position in Quantum Computing in the 4th quarter worth approximately $3,509,000. OMERS ADMINISTRATION Corp purchased a new position in Quantum Computing in the 4th quarter worth approximately $319,000. Finally, Millennium Management LLC purchased a new position in Quantum Computing in the 4th quarter worth approximately $2,772,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.