Quantum Computing (NASDAQ:QUBT) Shares Down 5.3% – Time to Sell?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price dropped 5.3% during trading on Tuesday . The company traded as low as $5.01 and last traded at $5.14. Approximately 4,741,566 shares traded hands during trading, a decline of 82% from the average daily volume of 26,042,809 shares. The stock had previously closed at $5.43.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their price objective on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Quantum Computing Stock Performance

The company has a market capitalization of $721.55 million, a PE ratio of -18.14 and a beta of 3.26. The stock has a fifty day moving average of $10.83 and a 200 day moving average of $5.85.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new position in Quantum Computing during the fourth quarter valued at $69,613,000. Anson Funds Management LP bought a new position in shares of Quantum Computing during the 4th quarter valued at about $70,006,000. Vanguard Group Inc. grew its position in shares of Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after purchasing an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing in the fourth quarter worth about $13,953,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $11,750,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.