Quantum Computing (NASDAQ:QUBT) Shares Gap Down – Should You Sell?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped down prior to trading on Tuesday . The stock had previously closed at $5.43, but opened at $5.02. Quantum Computing shares last traded at $5.18, with a volume of 3,576,172 shares trading hands.

Analysts Set New Price Targets

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 Price Performance

The stock has a 50 day simple moving average of $10.83 and a two-hundred day simple moving average of $5.85. The company has a market cap of $727.72 million, a price-to-earnings ratio of -18.40 and a beta of 3.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of QUBT. Heck Capital Advisors LLC acquired a new stake in Quantum Computing during the fourth quarter worth about $1,255,000. Two Sigma Investments LP purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $657,000. Toronto Dominion Bank purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $3,509,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $319,000. Finally, Millennium Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at approximately $2,772,000. 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.