Quantum Computing (NASDAQ:QUBT) Trading Down 43.3% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) dropped 43.3% during trading on Thursday . The stock traded as low as $8.50 and last traded at $9.91. Approximately 75,013,234 shares were traded during trading, an increase of 87% from the average daily volume of 40,191,684 shares. The stock had previously closed at $17.49.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted their target price 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 Trading Down 43.3 %

The stock has a fifty day moving average price of $9.09 and a 200 day moving average price of $3.63. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of -34.17 and a beta of 2.83.

Institutional Trading of Quantum Computing

A number of hedge funds have recently bought and sold shares of QUBT. Virtu Financial LLC raised its stake in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new stake in Quantum Computing in the 3rd quarter valued at $46,000. Finally, Geode Capital Management LLC raised its stake in shares of Quantum Computing by 10.5% in 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. 4.26% of the stock is owned by institutional investors.

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.