Quantum Computing (NASDAQ:QUBT) Trading Down 5.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 5.4% on Wednesday . The stock traded as low as $8.10 and last traded at $8.16. 21,684,119 shares traded hands during trading, an increase of 41% from the average session volume of 15,356,321 shares. The stock had previously closed at $8.63.

Quantum Computing Stock Down 3.7 %

The company’s 50 day moving average price is $8.22 and its two-hundred day moving average price is $6.26. The stock has a market cap of $1.14 billion, a P/E ratio of -28.68 and a beta of 3.26.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. purchased a new position in Quantum Computing in the fourth quarter worth $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing in the fourth quarter worth $70,006,000. Vanguard Group Inc. grew its holdings in Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after purchasing an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in Quantum Computing in the fourth quarter worth $13,953,000. Finally, CIBC Private Wealth Group LLC purchased a new position in Quantum Computing in the fourth quarter worth $11,750,000. 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.