Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price traded down 7.3% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $7.69 and last traded at $7.76. 12,364,477 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 15,465,763 shares. The stock had previously closed at $8.37.
The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period in the previous year, the business earned ($0.09) EPS.
Institutional Trading of Quantum Computing
Several hedge funds and other institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing during the fourth quarter worth about $69,613,000. Anson Funds Management LP bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after purchasing an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing in the fourth quarter worth $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Quantum Computing during the fourth quarter worth $11,750,000. Institutional investors and hedge funds own 4.26% of the company's stock.
Quantum Computing Price Performance
The business's 50-day moving average is $8.10 and its two-hundred day moving average is $6.41. The firm has a market cap of $1.18 billion, a P/E ratio of -29.91 and a beta of 3.26.
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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