Quantum Computing (NASDAQ:QUBT) Shares Down 7.3% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 7.3% on Monday . The company traded as low as $9.75 and last traded at $10.13. Approximately 8,102,317 shares changed hands during trading, a decline of 82% from the average daily volume of 44,557,258 shares. The stock had previously closed at $10.93.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Down 9.9 %

The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -33.84 and a beta of 2.83. The company’s 50 day moving average price is $11.05 and its 200 day moving average price is $4.45.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC boosted its holdings 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 valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. XTX Topco Ltd acquired a new position in Quantum Computing during the third quarter valued at $46,000. Flagship Harbor Advisors LLC purchased a new stake in Quantum Computing in the fourth quarter valued at $199,000. Sovereign Financial Group Inc. acquired a new stake in Quantum Computing during the 4th quarter worth about $209,000. Finally, Diversify Wealth Management LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at about $331,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

About Quantum Computing

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.