Quantum Computing (NASDAQ:QUBT) Stock Price Down 43.3% - Here's Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded down 43.3% on Thursday . The stock traded as low as $8.50 and last traded at $9.91. 75,013,234 shares traded hands during trading, an increase of 87% from the average session volume of 40,191,684 shares. The stock had previously closed at $17.49.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Performance

The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -34.17 and a beta of 2.83. The business's 50 day simple moving average is $9.09 and its 200-day simple moving average is $3.63.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently made changes to their positions in QUBT. Virtu Financial LLC boosted 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 worth $40,000 after purchasing an additional 47,880 shares during the period. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the third quarter valued at $46,000. Finally, Geode Capital Management LLC boosted its position in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock worth $449,000 after buying an additional 65,486 shares during the period. Institutional investors own 4.26% of the company's stock.

About Quantum Computing

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.