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

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

Wall Street Analyst Weigh In

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

Quantum Computing Price Performance

The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -27.84 and a beta of 2.75. The business has a 50-day simple moving average of $12.00 and a two-hundred day simple moving average of $5.15.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. IFP Advisors Inc bought a new stake in shares of Quantum Computing during the fourth quarter worth approximately $33,000. Farther Finance Advisors LLC acquired a new position in Quantum Computing in the 4th quarter valued at $33,000. Archer Investment Corp bought a new stake in Quantum Computing in the 4th quarter valued at about $33,000. Hollencrest Capital Management bought a new stake in shares of Quantum Computing during the 4th quarter valued at $41,000. Finally, Signaturefd LLC bought a new position in shares of Quantum Computing in the 4th quarter valued at $43,000. 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.