Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded down 1.7% during trading on Friday . The company traded as low as $7.84 and last traded at $7.95. 8,630,569 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 29,460,414 shares. The stock had previously closed at $8.09.
Separately, Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a "buy" rating in a research note on Wednesday, November 13th.
Check Out Our Latest Stock Report on Quantum Computing
The business has a 50-day simple moving average of $12.17 and a two-hundred day simple moving average of $5.58. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -25.83 and a beta of 2.75.
A number of institutional investors have recently made changes to their positions in QUBT. XTX Topco Ltd acquired a new position in shares of Quantum Computing in the third quarter valued at $46,000. Geode Capital Management LLC boosted its holdings in shares of 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. Virtu Financial LLC grew its stake in 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 buying an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. bought a new position in Quantum Computing in the 4th quarter valued at about $209,000. Finally, Diversify Wealth Management LLC acquired a new stake in Quantum Computing during the fourth quarter worth approximately $331,000. 4.26% of the stock is owned by institutional investors and hedge funds.
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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