Quantum Computing (NASDAQ:QUBT) Stock Price Down 3.2% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) shares dropped 3.2% during mid-day trading on Wednesday . The stock traded as low as $11.13 and last traded at $11.12. Approximately 20,449,636 shares changed hands during trading, a decline of 58% from the average daily volume of 48,938,191 shares. The stock had previously closed at $11.49.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets lifted their price target 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 Stock Up 1.0 %

The company has a market cap of $1.50 billion, a P/E ratio of -39.83 and a beta of 2.83. The company has a fifty day moving average of $10.59 and a 200 day moving average of $4.22.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The business had revenue of $0.10 million during the quarter.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC bought a new position in Quantum Computing in the 4th quarter worth $199,000. Veracity Capital LLC bought a new position in shares of Quantum Computing in the fourth quarter worth about $343,000. Janney Montgomery Scott LLC bought a new position in shares of Quantum Computing in the fourth quarter worth about $786,000. SG Americas Securities LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at about $626,000. Finally, Diversify Wealth Management LLC bought a new position in shares of Quantum Computing during the 4th quarter valued at approximately $331,000. 4.26% of the stock is currently 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.