Quantum Computing (NASDAQ:QUBT) Trading Down 10.7% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 10.7% on Wednesday . The stock traded as low as $16.01 and last traded at $16.55. 17,921,518 shares were traded during trading, an increase of 76% from the average session volume of 10,154,294 shares. The stock had previously closed at $18.54.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted their price target on 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 Stock Performance

The company has a market capitalization of $2.42 billion, a PE ratio of -64.66 and a beta of 3.07. The company has a 50 day moving average price of $7.92 and a 200 day moving average price of $3.19.

Quantum Computing (NASDAQ:QUBT) last posted 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 company had revenue of $0.18 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently modified their holdings of the stock. Virtu Financial LLC raised its stake in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after buying an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Quantum Computing in the 3rd quarter valued at approximately $46,000. Finally, Geode Capital Management LLC raised its position in shares of 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. Institutional investors 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.