Quantum Computing (NASDAQ:QUBT) Shares Down 3.1% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded down 3.1% during mid-day trading on Monday . The company traded as low as $8.62 and last traded at $9.00. 6,925,774 shares were traded during mid-day trading, a decline of 79% from the average session volume of 33,653,508 shares. The stock had previously closed at $9.28.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their price target 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 Price Performance

The firm has a market cap of $1.14 billion, a P/E ratio of -28.55 and a beta of 2.75. The stock's 50-day simple moving average is $12.08 and its two-hundred day simple moving average is $5.25.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. XTX Topco Ltd purchased a new position in shares of Quantum Computing during the third quarter worth approximately $46,000. Geode Capital Management LLC lifted its position in Quantum Computing by 10.5% during the third 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 during the last quarter. Virtu Financial LLC boosted 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 worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Sovereign Financial Group Inc. purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $209,000. Finally, Diversify Wealth Management LLC purchased a new stake in Quantum Computing during the 4th quarter worth approximately $331,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

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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.