Quantum Computing (NASDAQ:QUBT) Stock Price Down 4.7% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 4.7% during mid-day trading on Friday . The stock traded as low as $6.15 and last traded at $6.43. Approximately 4,678,674 shares were traded during trading, a decline of 17% from the average daily volume of 5,625,541 shares. The stock had previously closed at $6.75.

Analysts Set New Price Targets

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

Quantum Computing Stock Up 5.0 %

The firm has a market capitalization of $724.74 million, a price-to-earnings ratio of -23.28 and a beta of 1.64. The company has a 50-day moving average price of $1.85 and a 200-day moving average price of $1.07.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $0.18 million during the quarter.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. PEAK6 Investments LLC acquired a new position in shares of Quantum Computing during the first quarter valued at approximately $129,000. Virtu Financial LLC lifted its holdings in shares of Quantum Computing by 17.7% in the first quarter. Virtu Financial LLC now owns 95,425 shares of the company’s stock valued at $94,000 after buying an additional 14,326 shares during the period. TRUE Private Wealth Advisors boosted its stake in Quantum Computing by 318.1% during the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after buying an additional 50,000 shares in the last quarter. XTX Topco Ltd bought a new position in Quantum Computing during the third quarter valued at about $46,000. Finally, Geode Capital Management LLC grew its holdings in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares during the period. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Company Profile

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.