Quantum Computing (NASDAQ:QUBT) Trading Down 2.8% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 2.8% during trading on Thursday . The stock traded as low as $4.86 and last traded at $5.13. Approximately 3,785,898 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 25,291,549 shares. The stock had previously closed at $5.28.

Analysts Set New Price Targets

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

Quantum Computing Stock Down 7.9 %

The firm has a market cap of $667.36 million, a P/E ratio of -16.78 and a beta of 3.26. The firm has a fifty day moving average of $10.36 and a 200-day moving average of $5.88.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing in the fourth quarter worth $69,613,000. Anson Funds Management LP acquired a new position in Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. grew its stake in shares of Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in Quantum Computing in the 4th quarter worth about $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Quantum Computing during the fourth quarter valued at about $11,750,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.