Quantum Computing (NASDAQ:QUBT) Trading Down 8.7% – Should You Sell?

Quantum Computing Inc. (NASDAQ:QUBT) dropped 8.7% during trading on Wednesday . The stock traded as low as $10.34 and last traded at $10.29. Approximately 13,166,458 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 27,324,330 shares. The stock had previously closed at $11.27.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Wedbush started coverage on shares of Quantum Computing in a research note on Wednesday. They issued a “neutral” rating and a $12.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Monday. Finally, Lake Street Capital reduced their price target on Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.75.

Quantum Computing Price Performance

The stock has a 50-day moving average price of $14.11 and a 200-day moving average price of $16.17. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -16.99 and a beta of 3.80.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $0.38 million during the quarter, compared to the consensus estimate of $0.12 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. LPL Financial LLC boosted its holdings in shares of Quantum Computing by 218.2% during the first quarter. LPL Financial LLC now owns 235,628 shares of the company’s stock worth $1,885,000 after acquiring an additional 161,582 shares during the period. Vanguard Group Inc. lifted its holdings in Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Quantum Computing by 66.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 50,878 shares of the company’s stock valued at $407,000 after purchasing an additional 20,305 shares during the period. Deutsche Bank AG bought a new stake in Quantum Computing in the 1st quarter valued at $78,000. Finally, Swiss National Bank acquired a new position in Quantum Computing in the 1st quarter valued at $1,806,000. Institutional investors and hedge funds 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.