Quantum Computing (NASDAQ:QUBT) Shares Down 6.2% – Time to Sell?

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

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Performance

The company has a market capitalization of $1.28 billion, a P/E ratio of -34.17 and a beta of 2.83. The company’s fifty day simple moving average is $9.09 and its 200-day simple moving average is $3.63.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC lifted its holdings in 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 buying an additional 47,880 shares during the period. Geode Capital Management LLC raised its position 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 acquiring an additional 65,486 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Quantum Computing during the 3rd quarter worth $46,000. 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.