Quantum Computing (NASDAQ:QUBT) Shares Gap Down – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped down prior to trading on Thursday . The stock had previously closed at $17.09, but opened at $16.72. Quantum Computing shares last traded at $18.38, with a volume of 8,607,917 shares changing hands.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Performance

The company’s 50 day moving average price is $6.26 and its 200 day moving average price is $2.59. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -63.28 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results 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.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of QUBT. XTX Topco Ltd acquired a new position in Quantum Computing in the third quarter worth $46,000. Geode Capital Management LLC lifted its position in Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares in the last quarter. Finally, Virtu Financial LLC grew its holdings in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the last quarter. 4.26% of the stock is owned by institutional investors and hedge funds.

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.