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

Quantum Computing Inc. (NASDAQ:QUBT)’s share price 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.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised 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 Price Performance

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

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently modified their holdings of the stock. PEAK6 Investments LLC purchased a new position in Quantum Computing in the first quarter valued at approximately $129,000. XTX Topco Ltd purchased a new position in Quantum Computing in the third quarter valued at approximately $46,000. Geode Capital Management LLC raised its holdings in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares during the period. TRUE Private Wealth Advisors raised its holdings in Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after buying an additional 50,000 shares during the period. Finally, Virtu Financial LLC raised its holdings 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 buying an additional 47,880 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

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.