Quantum Computing (NASDAQ:QUBT) Shares Down 6.3% – Here’s What Happened

by · The Cerbat Gem

Quantum Computing Inc. (NASDAQ:QUBT – Get Free Report) dropped 6.3% on Friday . The stock traded as low as $9.80 and last traded at $10.19. Approximately 20,506,609 shares traded hands during trading, a decline of 59% from the average daily volume of 49,867,602 shares. The stock had previously closed at $10.88.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted 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.

Check Out Our Latest Analysis on Quantum Computing

Quantum Computing Price Performance

The firm’s 50 day simple moving average is $10.06 and its 200-day simple moving average is $3.97. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -33.59 and a beta of 2.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new position in Quantum Computing in the third quarter valued at $46,000. Geode Capital Management LLC increased its stake in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares during the period. Virtu Financial LLC increased its position 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 purchasing an additional 47,880 shares during the period. Diversify Wealth Management LLC purchased a new position in shares of Quantum Computing during the 4th quarter worth approximately $331,000. Finally, Sovereign Financial Group Inc. purchased a new stake in shares of Quantum Computing in the fourth quarter valued at approximately $209,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

About Quantum Computing

(Get Free Report)

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.

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