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

Quantum Computing Inc. (NASDAQ:QUBT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $7.70, but opened at $6.42. Quantum Computing shares last traded at $6.86, with a volume of 9,613,798 shares changing hands.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted their price objective 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 Up 1.5 %

The company has a market cap of $689.99 million, a PE ratio of -23.28 and a beta of 1.64. The business’s 50 day moving average price is $1.61 and its 200-day moving average price is $0.99.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC increased its stake in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after buying an additional 47,880 shares during the last quarter. TRUE Private Wealth Advisors increased its stake in shares of Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after buying an additional 50,000 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Quantum Computing in the third quarter worth $46,000. PEAK6 Investments LLC bought a new stake in shares of Quantum Computing in the first quarter worth $129,000. Finally, Geode Capital Management LLC increased its stake in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

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.