Quantum Computing (NASDAQ:QUBT) Trading Down 1.7% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) traded down 1.7% during mid-day trading on Wednesday . The stock traded as low as $9.40 and last traded at $9.68. 6,330,276 shares were traded during trading, a decline of 82% from the average session volume of 35,922,789 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Quantum Computing Stock Down 3.0 %

The stock has a fifty day moving average of $11.90 and a two-hundred day moving average of $4.98. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -32.00 and a beta of 2.75.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. IFP Advisors Inc acquired a new stake in shares of Quantum Computing in the 4th quarter worth approximately $33,000. Archer Investment Corp purchased a new stake in Quantum Computing during the fourth quarter worth $33,000. SRH Advisors LLC purchased a new position in shares of Quantum Computing in the fourth quarter valued at $69,000. Capital Advisors Inc. OK acquired a new position in shares of Quantum Computing during the 4th quarter worth $166,000. Finally, Essex Financial Services Inc. purchased a new stake in shares of Quantum Computing in the 4th quarter worth about $174,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.