Quantum Computing (NASDAQ:QUBT) Shares Down 19.9% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 19.9% during trading on Wednesday . The company traded as low as $5.83 and last traded at $6.10. 21,290,257 shares changed hands during trading, an increase of 238% from the average session volume of 6,303,003 shares. The stock had previously closed at $7.62.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets increased their price target on 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 Stock Performance

The stock has a market capitalization of $666.47 million, a P/E ratio of -21.03 and a beta of 3.07. The stock has a 50-day simple moving average of $2.88 and a 200 day simple moving average of $1.43.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in QUBT. Virtu Financial LLC raised its stake in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after buying an additional 47,880 shares during the period. Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% during the 3rd 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. Finally, XTX Topco Ltd acquired a new stake in Quantum Computing during the 3rd quarter worth $46,000. Institutional investors and hedge funds 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.