Quantum Computing (NASDAQ:QUBT) Stock Price Down 9.5% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded down 9.5% on Thursday . The company traded as low as $10.38 and last traded at $10.45. 66,737,379 shares changed hands during mid-day trading, an increase of 38% from the average session volume of 48,238,301 shares. The stock had previously closed at $11.55.

Analysts Set New Price Targets

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

Quantum Computing Price Performance

The company has a market capitalization of $1.27 billion, a PE ratio of -33.90 and a beta of 2.83. The company's fifty day moving average is $10.22 and its 200-day moving average is $4.06.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new stake in shares of Quantum Computing in the 3rd quarter valued at about $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 stake in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock valued at $40,000 after acquiring an additional 47,880 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in Quantum Computing in the fourth quarter worth $209,000. Finally, Diversify Wealth Management LLC acquired a new position in shares of Quantum Computing during the fourth quarter worth $331,000. 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.