Quantum Computing (NASDAQ:QUBT) Trading Down 5.3% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 5.3% during trading on Tuesday . The stock traded as low as $5.01 and last traded at $5.14. Approximately 4,741,566 shares were traded during trading, a decline of 82% from the average daily volume of 26,042,809 shares. The stock had previously closed at $5.43.

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 stock a “buy” rating in a research note on Wednesday, November 13th.

Quantum Computing Trading Down 3.1 %

The firm has a 50 day moving average price of $10.83 and a 200 day moving average price of $5.85. The stock has a market capitalization of $721.55 million, a PE ratio of -18.14 and a beta of 3.26.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of QUBT. Heck Capital Advisors LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $1,255,000. Two Sigma Investments LP purchased a new position in Quantum Computing during the fourth quarter valued at approximately $657,000. Toronto Dominion Bank bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $3,509,000. OMERS ADMINISTRATION Corp bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $319,000. Finally, Millennium Management LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth $2,772,000. Hedge funds and other institutional investors 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.