Quantum Computing (NASDAQ:QUBT) Shares Gap Down – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $17.09, but opened at $16.72. Quantum Computing shares last traded at $18.38, with a volume of 8,607,917 shares.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets raised their price objective on 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 Performance

The firm has a fifty day simple moving average of $5.89 and a 200 day simple moving average of $2.48. The company has a market cap of $2.20 billion, a PE ratio of -63.86 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last released its 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 company had revenue of $0.18 million during the quarter.

Institutional Trading of Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC boosted its holdings in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Quantum Computing in the 3rd quarter worth about $46,000. Finally, Geode Capital Management LLC raised its holdings in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares during the period. 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.