Quantum Computing (NASDAQ:QUBT) Stock Price Down 2% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 2% on Friday . The company traded as low as $17.63 and last traded at $18.86. Approximately 31,893,875 shares changed hands during mid-day trading, an increase of 219% from the average daily volume of 10,008,166 shares. The stock had previously closed at $19.24.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their target price on 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 Stock Down 5.7 %

The company has a fifty day moving average of $6.26 and a 200 day moving average of $2.59. The company has a market cap of $2.16 billion, a P/E ratio of -62.55 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC increased its stake 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 purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Quantum Computing in the third quarter worth about $46,000. Finally, Geode Capital Management LLC lifted its position 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 buying an additional 65,486 shares in the last quarter. Hedge funds and other 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.