Quantum Computing (NASDAQ:QUBT) Trading Down 6.5% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price dropped 6.5% on Monday . The company traded as low as $4.64 and last traded at $4.71. Approximately 2,163,539 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 14,400,960 shares. The stock had previously closed at $5.03.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price objective 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 Stock Performance

The firm has a market capitalization of $620.04 million, a price-to-earnings ratio of -15.59 and a beta of 3.26. The firm’s 50 day simple moving average is $9.81 and its 200 day simple moving average is $5.98.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $30,000. Archer Investment Corp acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. IFP Advisors Inc acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Farther Finance Advisors LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at approximately $33,000. Finally, Virtu Financial LLC lifted its stake in shares of Quantum Computing by 377.7% in 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. 4.26% of the stock is 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.