Quantum Computing (NASDAQ:QUBT) Shares Down 2% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was down 2% during trading on Friday . The company traded as low as $17.63 and last traded at $18.86. Approximately 31,893,875 shares were traded during trading, an increase of 219% from the average daily volume of 10,008,166 shares. The stock had previously closed at $19.24.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted 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 Down 4.6 %

The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -63.28 and a beta of 3.11. The company’s fifty day moving average is $6.61 and its 200 day moving average is $2.72.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data 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 company had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC lifted its stake in 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 acquiring an additional 47,880 shares during the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 65,486 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Quantum Computing during the 3rd quarter valued at $46,000. 4.26% of the stock is owned by institutional investors.

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.