Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.4% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 6.4% during trading on Tuesday . The stock traded as low as $16.31 and last traded at $17.03. 17,405,030 shares were traded during mid-day trading, an increase of 78% from the average session volume of 9,757,801 shares. The stock had previously closed at $18.19.

Wall Street Analysts Forecast Growth

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 report on Wednesday, November 13th.

Quantum Computing Stock Down 6.0 %

The firm has a 50-day simple moving average of $5.24 and a 200 day simple moving average of $2.26. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -58.93 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake 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 valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the 3rd quarter worth $46,000. Finally, Virtu Financial LLC raised its position 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 worth $40,000 after buying an additional 47,880 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.