Quantum Computing (NASDAQ:QUBT) Trading Down 4.4% - What's Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) experienced a decline of 4.4% on Friday, trading at $9.15. The stock reached a low of $9.15 during the day and had a closing price of $9.57 the previous day. Notably, trade volume for the stock reached approximately 10,278,326 shares, representing a significant decrease of 70% compared to its average daily volume of 34,401,008 shares.

Wall Street Analyst Insights

In a separate analysis, Ascendiant Capital Markets adjusted their price target for Quantum Computing, increasing it from $8.25 to $8.50. They also issued a "buy" rating for the stock on November 13th, indicating a level of confidence in its potential future performance.

Market Performance Overview

The stock's fifty-day moving average price stands at $11.90, while the two-hundred day moving average price is significantly lower at $4.98. The company has a market capitalization of $1.20 billion, a P/E ratio of -31.98, and a beta of 2.75, suggesting it is more volatile than the market average.

Earnings Report Findings

Quantum Computing recently released its earnings results on November 6th, reporting an earnings per share (EPS) of ($0.06) for the quarter. The total revenue for the quarter was recorded at $0.10 million, which may further explain the stock's current downward trend.

Institutional Trading Activities

Recent institutional trading shows several large investors altering their stakes in Quantum Computing. Geode Capital Management LLC, for instance, raised its holdings by 10.5% in the third quarter, now owning 687,208 shares valued at $449,000 after purchasing an additional 65,486 shares. Other notable investors include UNICOM Systems Inc. and Mission Wealth Management LP, both of which have acquired new positions in Quantum Computing during the fourth quarter. Institutional investors and hedge funds collectively own around 4.26% of the shares outstanding.

About Quantum Computing Inc.

Quantum Computing Inc. specializes in offering accessible and affordable quantum machines. Their product lineup includes Dirac systems and portable quantum computers designed for low power consumption and room temperature operation. Furthermore, the company provides solutions such as quantum random number generators (uQRNG) and quantum authentication to enhance security in telecommunications.

Quantum, Computing, Stocks