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

Quantum Computing Inc. (NASDAQ:QUBT) shares were down 7.3% during mid-day trading on Monday . The company traded as low as $6.83 and last traded at $6.94. Approximately 4,861,139 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 28,982,859 shares. The stock had previously closed at $7.49.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets raised 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 Stock Down 6.9 %

The stock has a market capitalization of $956.80 million, a P/E ratio of -23.91 and a beta of 2.75. The firm’s 50-day simple moving average is $12.17 and its 200 day simple moving average is $5.61.

Institutional Trading of Quantum Computing

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. XTX Topco Ltd acquired a new position in Quantum Computing in the third quarter worth approximately $46,000. Geode Capital Management LLC raised its position in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares during the period. Virtu Financial LLC lifted its holdings in shares of Quantum Computing by 377.7% during 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 during the last quarter. Sovereign Financial Group Inc. purchased a new stake in shares of Quantum Computing during the fourth quarter valued at $209,000. Finally, Diversify Wealth Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $331,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.