Quantum Computing (NASDAQ:QUBT) Trading Down 33.3% – Time to Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were down 33.3% during trading on Thursday . The stock traded as low as $15.66 and last traded at $17.13. Approximately 63,702,411 shares changed hands during trading, an increase of 624% from the average daily volume of 8,799,881 shares. The stock had previously closed at $25.68.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their price target 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 Performance

The stock has a market capitalization of $1.55 billion, a PE ratio of -52.28 and a beta of 3.11. The firm’s 50 day moving average is $3.76 and its two-hundred day moving average is $1.74.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% in the third 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. XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the 3rd quarter worth about $46,000. Finally, Virtu Financial LLC lifted its stake in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the last quarter. 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.