Quantum Computing (NASDAQ:QUBT) Trading Down 2.3% - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price dropped 2.3% on Monday . The stock traded as low as $5.77 and last traded at $5.93. Approximately 2,695,574 shares changed hands during trading, a decline of 90% from the average daily volume of 26,400,996 shares. The stock had previously closed at $6.07.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets raised their target price on 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 7.8 %

The company has a market capitalization of $668.05 million, a price-to-earnings ratio of -16.79 and a beta of 3.26. The firm has a 50 day moving average price of $10.36 and a two-hundred day moving average price of $5.88.

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC bought a new position in Quantum Computing in the fourth quarter worth about $30,000. Archer Investment Corp bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $33,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $33,000. Finally, Virtu Financial LLC raised 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 buying an additional 47,880 shares during the last quarter. 4.26% of the stock is currently 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.