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

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was down 3.2% during trading on Wednesday . The company traded as low as $5.02 and last traded at $5.09. Approximately 2,359,537 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 25,638,244 shares. The stock had previously closed at $5.26.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Quantum Computing Stock Performance

The business’s 50-day moving average is $10.60 and its two-hundred day moving average is $5.89. The firm has a market capitalization of $731.83 million, a price-to-earnings ratio of -18.36 and a beta of 3.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of QUBT. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP acquired a new stake in Quantum Computing in the 4th quarter valued at $70,006,000. Vanguard Group Inc. lifted its position in Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing during the 4th quarter worth about $13,953,000. Finally, CIBC Private Wealth Group LLC bought a new position in shares of Quantum Computing in the 4th quarter valued at about $11,750,000. 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.