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

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $7.47, but opened at $7.12. Quantum Computing shares last traded at $7.55, with a volume of 4,024,747 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted their target price on Quantum Computing from $8.25 to $8.50 and gave the stock a "buy" rating in a report on Wednesday, November 13th.

Quantum Computing Stock Up 2.0 %

The company has a fifty day moving average price of $2.88 and a 200-day moving average price of $1.43. The stock has a market capitalization of $778.92 million, a P/E ratio of -26.28 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. TRUE Private Wealth Advisors grew its position in Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company's stock worth $33,000 after acquiring an additional 50,000 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Quantum Computing during the third quarter valued at approximately $46,000. Geode Capital Management LLC boosted its position 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 valued at $449,000 after buying an additional 65,486 shares during the period. Finally, Virtu Financial LLC boosted its position in shares of Quantum Computing by 377.7% during the third 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 during the period. Hedge funds and other 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.