Quantum Computing (NASDAQ:QUBT) Shares Down 1.8% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 1.8% during mid-day trading on Friday . The company traded as low as $9.40 and last traded at $9.73. 15,268,598 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 35,817,813 shares. The stock had previously closed at $9.91.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The firm’s fifty day simple moving average is $9.42 and its 200 day simple moving average is $3.75. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of -30.97 and a beta of 2.83.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC raised its stake in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares during the period. XTX Topco Ltd purchased a new position in shares of Quantum Computing during the third quarter valued at $46,000. Finally, Geode Capital Management LLC raised its position in Quantum Computing by 10.5% during the third 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. Institutional investors and hedge funds 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.