Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price dropped 33.3% on Thursday . The company traded as low as $15.66 and last traded at $17.13. Approximately 63,702,411 shares were traded during mid-day trading, an increase of 624% from the average daily volume of 8,799,881 shares. The stock had previously closed at $25.68.
Analysts Set New Price Targets
Separately, Ascendiant Capital Markets upped 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.
Read Our Latest Research Report on QUBT
Quantum Computing Stock Down 41.0 %
The business's fifty day moving average is $4.26 and its two-hundred day moving average is $1.91. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of -52.21 and a beta of 3.11.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.
Hedge Funds Weigh In On Quantum Computing
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in shares of Quantum Computing by 10.5% in the 3rd 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. XTX Topco Ltd bought a new position in Quantum Computing during the third quarter worth about $46,000. Finally, Virtu Financial LLC grew its position in shares of 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 buying an additional 47,880 shares during the period. 4.26% of the stock is owned by 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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