Quantum Computing (NASDAQ:QUBT) Shares Down 8.8% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 8.8% during mid-day trading on Tuesday . The company traded as low as $5.15 and last traded at $5.57. 12,219,131 shares traded hands during mid-day trading, an increase of 110% from the average session volume of 5,808,303 shares. The stock had previously closed at $6.11.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted their price target 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 Trading Up 1.3 %

The stock’s 50-day moving average price is $2.09 and its 200-day moving average price is $1.16. The stock has a market cap of $632.74 million, a price-to-earnings ratio of -19.21 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. TRUE Private Wealth Advisors lifted its holdings in shares of Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after purchasing an additional 50,000 shares in the last quarter. Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares in the last quarter. XTX Topco Ltd purchased a new position in Quantum Computing during the 3rd quarter worth $46,000. Finally, Virtu Financial LLC raised its holdings in shares of Quantum Computing by 377.7% in the third 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 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.