Quantum Computing (NASDAQ:QUBT) Trading Down 33.3% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares fell 33.3% during mid-day trading on Thursday . The stock traded as low as $15.66 and last traded at $17.13. 63,702,411 shares changed hands during trading, an increase of 624% from the average session volume of 8,799,881 shares. The stock had previously closed at $25.68.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets upped 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 Stock Performance

The stock has a market cap of $2.10 billion, a price-to-earnings ratio of -60.76 and a beta of 3.11. The stock has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $2.11.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of QUBT. Geode Capital Management LLC grew its holdings in shares of 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 last quarter. XTX Topco Ltd bought a new stake in Quantum Computing during the 3rd quarter worth approximately $46,000. Finally, Virtu Financial LLC increased its position 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 acquiring an additional 47,880 shares during the period. Institutional investors and hedge funds 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.