Quantum Computing (NASDAQ:QUBT) Stock Price Down 19.9% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 19.9% during mid-day trading on Wednesday . The stock traded as low as $5.83 and last traded at $6.10. Approximately 21,290,257 shares were traded during mid-day trading, an increase of 238% from the average daily volume of 6,303,003 shares. The stock had previously closed at $7.62.

Analysts Set New Price Targets

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 Down 14.4 %

The company has a 50 day simple moving average of $2.88 and a 200-day simple moving average of $1.43. The stock has a market cap of $666.47 million, a price-to-earnings ratio of -21.03 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) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC grew its holdings in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the period. XTX Topco Ltd bought a new position in Quantum Computing during the third quarter worth about $46,000. Finally, Geode Capital Management LLC lifted its position in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares during the last quarter. 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.