Quantum Computing (NASDAQ:QUBT) Stock Price Down 4.2% – Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded down 4.2% during mid-day trading on Tuesday . The company traded as low as $8.30 and last traded at $8.35. 5,150,623 shares were traded during trading, a decline of 84% from the average session volume of 32,867,508 shares. The stock had previously closed at $8.71.

Analyst Ratings Changes

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

Quantum Computing Trading Down 7.1 %

The firm has a market cap of $1.11 billion, a P/E ratio of -27.84 and a beta of 2.75. The company’s 50-day moving average is $12.00 and its two-hundred day moving average is $5.15.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently modified their holdings of QUBT. SG Americas Securities LLC purchased a new position in Quantum Computing in the 4th quarter valued at approximately $626,000. Virtu Financial LLC grew its position in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. UNICOM Systems Inc. bought a new position in shares of Quantum Computing during the fourth quarter valued at about $5,707,000. Janney Montgomery Scott LLC purchased a new position in shares of Quantum Computing in the fourth quarter worth $786,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $1,255,000. Institutional investors own 4.26% of the company’s stock.

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.