Quantum Computing (NASDAQ:QUBT) Trading Down 2.7% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 2.7% on Wednesday . The stock traded as low as $9.72 and last traded at $9.92. Approximately 5,533,097 shares changed hands during trading, a decline of 87% from the average daily volume of 41,167,211 shares. The stock had previously closed at $10.20.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Down 0.1 %

The business’s 50 day moving average price is $11.36 and its 200-day moving average price is $4.58. The company has a market cap of $1.31 billion, a PE ratio of -35.10 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) earnings per share for the quarter. The business had revenue of $0.10 million during the quarter.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QUBT. SRH Advisors LLC acquired a new position in Quantum Computing in the fourth quarter worth about $69,000. UNICOM Systems Inc. bought a new position in Quantum Computing during the 4th quarter worth approximately $5,707,000. Essex Financial Services Inc. acquired a new position in shares of Quantum Computing in the 4th quarter worth approximately $174,000. Focus Financial Network Inc. bought a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $1,536,000. Finally, Archer Investment Corp acquired a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $33,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.