Quantum Computing (NASDAQ:QUBT) Trading Down 3.6% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 3.6% during trading on Thursday . The company traded as low as $9.52 and last traded at $9.51. Approximately 7,146,630 shares traded hands during trading, a decline of 80% from the average daily volume of 35,086,887 shares. The stock had previously closed at $9.87.

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 note on Wednesday, November 13th.

Quantum Computing Stock Performance

The company has a 50 day moving average of $11.85 and a two-hundred day moving average of $4.94. The stock has a market capitalization of $1.25 billion, a PE ratio of -33.33 and a beta of 2.75.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share for the quarter. The company had revenue of $0.10 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently modified their holdings of the stock. IFP Advisors Inc acquired a new stake in Quantum Computing during the fourth quarter valued at $33,000. Archer Investment Corp purchased a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. SRH Advisors LLC purchased a new position in Quantum Computing during the fourth quarter worth about $69,000. Capital Advisors Inc. OK purchased a new position in Quantum Computing during the fourth quarter worth about $166,000. Finally, Essex Financial Services Inc. purchased a new position in Quantum Computing during the fourth quarter worth about $174,000. Institutional investors and hedge funds 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.