Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) was down 6.2% on Tuesday . The stock traded as low as $16.37 and last traded at $16.97. Approximately 16,556,699 shares traded hands during trading, a decline of 37% from the average daily volume of 26,125,895 shares. The stock had previously closed at $18.09.

Wall Street Analysts Forecast Growth

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

Quantum Computing Trading Down 43.3 %

The stock has a market capitalization of $1.28 billion, a PE ratio of -34.17 and a beta of 2.83. The business’s 50 day moving average is $9.09 and its 200 day moving average is $3.63.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently bought and sold shares of the business. Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the last quarter. XTX Topco Ltd bought a new stake in Quantum Computing during the 3rd quarter valued at about $46,000. Finally, Geode Capital Management LLC boosted its position in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.