Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares dropped 6.2% during trading on Tuesday . The stock traded as low as $16.37 and last traded at $16.97. Approximately 16,556,699 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 26,125,895 shares. The stock had previously closed at $18.09.
Wall Street Analyst Weigh In
Separately, Ascendiant Capital Markets raised their price target on Quantum Computing from $8.25 to $8.50 and gave the company a "buy" rating in a report on Wednesday, November 13th.
Read Our Latest Stock Analysis on QUBT
Quantum Computing Stock Performance
The firm has a fifty day moving average price of $8.59 and a 200 day moving average price of $3.47. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of -60.31 and a beta of 2.83.
Hedge Funds Weigh In On Quantum Computing
Several hedge funds have recently bought and sold shares of the company. Virtu Financial LLC increased its stake in 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 purchasing an additional 47,880 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock worth $449,000 after purchasing an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the third quarter worth $46,000. 4.26% of the stock is owned by hedge funds and other institutional investors.
Quantum Computing Company Profile
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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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