Quantum Computing (NASDAQ:QUBT) Trading Down 3.1% – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 3.1% during trading on Thursday . The stock traded as low as $6.26 and last traded at $6.64. Approximately 2,984,643 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 27,355,932 shares. The stock had previously closed at $6.85.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lifted their price target on shares of 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 Down 9.6 %

The stock has a market cap of $849.12 million, a price-to-earnings ratio of -21.34 and a beta of 2.75. The company’s 50-day moving average is $11.50 and its 200-day moving average is $5.71.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in QUBT. UNICOM Systems Inc. acquired a new position in shares of Quantum Computing during the 4th quarter worth about $5,707,000. SG Americas Securities LLC bought a new position in shares of Quantum Computing during the fourth quarter worth $626,000. Virtu Financial LLC increased its position in shares of Quantum Computing by 377.7% in the 3rd 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. Janney Montgomery Scott LLC acquired a new stake in Quantum Computing during the 4th quarter worth $786,000. Finally, Heck Capital Advisors LLC acquired a new position in Quantum Computing in the fourth quarter valued at about $1,255,000. 4.26% of the stock is currently 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.