Quantum Computing (NASDAQ:QUBT) Shares Down 6.2% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 6.2% during mid-day trading on Tuesday . The stock traded as low as $16.37 and last traded at $16.97. 16,556,699 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 26,125,895 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets upped their price objective 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.

Quantum Computing Trading Down 4.8 %

The stock has a fifty day simple moving average of $8.59 and a two-hundred day simple moving average of $3.47. The company has a market cap of $2.22 billion, a PE ratio of -59.41 and a beta of 2.83.

Institutional Trading of Quantum Computing

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in 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 acquiring an additional 65,486 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Quantum Computing during the 3rd quarter worth $46,000. Finally, Virtu Financial LLC increased its holdings in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.