Quantum Computing (NASDAQ:QUBT) Trading Down 3.1% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT) experienced a decline of 3.1% on Thursday, trading at a low of $6.26 before settling at $6.64. During the day, approximately 2,984,643 shares were exchanged, marking a significant drop of 89% from the typical trading volume of 27,355,932 shares. The stock had previously closed at $6.85.

Recent Price Target Adjustments

In separate news, Ascendiant Capital Markets increased their price target for Quantum Computing shares from $8.25 to $8.50, while maintaining a "buy" rating in a research report released on November 13th.

Current Market Performance

As of now, Quantum Computing has a market capitalization of $832.66 million with a PE ratio of -20.93 and a beta of 2.75. The company's simple moving averages stand at $11.32 over 50 days and $5.71 over 200 days, indicating a mix of performance trends.

Institutional Investment Insights

Several hedge funds have recently adjusted their positions in Quantum Computing. Notably, Alyeska Investment Group L.P. bought a new stake valued at $69,613,000 during the fourth quarter. Anson Funds Management LP acquired shares valued at $70,006,000 in the same period. Vanguard Group Inc. notably increased its holdings by 83.6%, now owning 4,186,729 shares worth $69,290,000. Other firms, such as Rockefeller Capital Management and Geode Capital Management, also made adjustments to their stakes. Currently, about 4.26% of the stock is owned by institutional investors.

Overview of Quantum Computing Inc.

Quantum Computing Inc. is an integrated photonics company dedicated to providing accessible and affordable quantum technology solutions. Their offerings include portable, low-power quantum computers known as Dirac systems, which operate at room temperature. They also provide a range of products, such as quantum random number generators and authentication solutions to strengthen cybersecurity.

Further Information

For those considering investment opportunities, it might be prudent to explore additional stocks that may be better suited for your portfolio, as some analysts suggest Quantum Computing may not be among the top choices currently.

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