Quantum Computing (NASDAQ:QUBT) Shares Gap Down – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $25.68, but opened at $22.00. Quantum Computing shares last traded at $18.84, with a volume of 26,964,077 shares traded.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets raised their price objective on shares of 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 Trading Down 35.8 %

The company has a 50 day simple moving average of $3.76 and a 200 day simple moving average of $1.74. The stock has a market capitalization of $1.68 billion, a PE ratio of -56.83 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, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QUBT. XTX Topco Ltd purchased a new position in shares of Quantum Computing during the 3rd quarter worth $46,000. Geode Capital Management LLC increased its stake in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. Finally, Virtu Financial LLC lifted its position 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 buying an additional 47,880 shares during the period. Institutional investors and hedge funds 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.