Quantum Computing (NASDAQ:QUBT) Stock Price Down 9.9% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price fell 9.9% during trading on Tuesday . The company traded as low as $16.63 and last traded at $16.71. 7,853,795 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 10,107,755 shares. The stock had previously closed at $18.54.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets upped 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 Down 10.7 %

The stock has a 50-day moving average price of $7.57 and a 200 day moving average price of $3.08. The firm has a market capitalization of $2.13 billion, a PE ratio of -57.07 and a beta of 3.07.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. XTX Topco Ltd acquired a new position in Quantum Computing during the third quarter worth $46,000. Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares during the period. Finally, Virtu Financial LLC boosted its holdings in 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 last quarter. 4.26% of the stock is owned by hedge funds and other 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.