Quantum Computing (NASDAQ:QUBT) Shares Down 6.2% - Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price dropped 6.2% during mid-day trading on Tuesday . The company traded as low as $6.33 and last traded at $6.44. Approximately 4,848,760 shares traded hands during trading, a decline of 83% from the average daily volume of 28,449,635 shares. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets raised their target price 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 Trading Down 1.8 %

The company has a market cap of $832.66 million, a PE ratio of -20.93 and a beta of 2.75. The business's 50 day moving average is $11.32 and its two-hundred day moving average is $5.71.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds have recently made changes to their positions in the business. Heck Capital Advisors LLC purchased a new position in Quantum Computing in the 4th quarter worth approximately $1,255,000. Two Sigma Investments LP bought a new stake in shares of Quantum Computing during the fourth quarter valued at approximately $657,000. Toronto Dominion Bank purchased a new position in shares of Quantum Computing in the fourth quarter worth $3,509,000. OMERS ADMINISTRATION Corp bought a new position in shares of Quantum Computing during the fourth quarter worth $319,000. Finally, Millennium Management LLC purchased a new position in Quantum Computing during the fourth quarter valued at $2,772,000. 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.