Quantum Computing (NASDAQ:QUBT) Trading Down 1.7% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price fell 1.7% during mid-day trading on Wednesday . The company traded as low as $9.40 and last traded at $9.68. 6,330,276 shares changed hands during trading, a decline of 82% from the average session volume of 35,922,789 shares. The stock had previously closed at $9.85.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted their price target on shares of 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 Up 0.9 %

The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -34.34 and a beta of 2.75. The stock has a fifty day moving average of $11.79 and a 200-day moving average of $4.91.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter. The business had revenue of $0.10 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently modified their holdings of the stock. UNICOM Systems Inc. bought a new position in shares of Quantum Computing in the 4th quarter valued at approximately $5,707,000. Focus Financial Network Inc. bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $1,536,000. Heck Capital Advisors LLC acquired a new stake in shares of Quantum Computing in the fourth quarter worth $1,255,000. XTX Topco Ltd acquired a new stake in shares of Quantum Computing in the third quarter worth $46,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the period. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.