Quantum Computing (NASDAQ:QUBT) Stock Price Down 9.5% – Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 9.5% on Thursday . The stock traded as low as $10.38 and last traded at $10.45. 66,737,379 shares were traded during trading, an increase of 38% from the average session volume of 48,238,301 shares. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their target price on shares of 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 Down 9.7 %

The company has a market capitalization of $1.27 billion, a P/E ratio of -33.90 and a beta of 2.83. The company’s fifty day moving average price is $10.22 and its 200 day moving average price is $4.03.

Institutional Trading of Quantum Computing

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Quantum Computing in the 3rd quarter valued at approximately $46,000. Virtu Financial LLC lifted its holdings in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the period. Janney Montgomery Scott LLC bought a new position in Quantum Computing in the fourth quarter valued at approximately $786,000. Finally, SG Americas Securities LLC acquired a new position in Quantum Computing during the fourth quarter valued at approximately $626,000. 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.