Quantum Computing (NASDAQ:QUBT) Stock Price Down 8.8% - Time to Sell?

On Tuesday, Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) saw its stock price drop by 8.8%. During trading, the shares fell as low as $5.15 before ending the day at $5.57. The trading volume surged to 12,219,131 shares, which is a significant increase of 110% compared to the average volume of 5,808,303 shares. Before this drop, the stock had closed at $6.11.

Latest Analyst Ratings

In a recent analyst report, Ascendiant Capital Markets raised its price target for Quantum Computing from $8.25 to $8.50, assigning the stock a "buy" rating. This could indicate potential for future growth despite the current decline in stock price.

Stock Performance Overview

Quantum Computing has a market capitalization of $632.74 million and a P/E ratio of -19.21. The company's beta stands at 3.07, suggesting higher volatility compared to the broader market. The stock's 50-day moving average is $2.09, while the two-hundred day moving average is $1.16.

Earnings Report Insights

The company reported its latest earnings on October 2nd, where it posted a loss of ($0.06) per share, outperforming analysts' expectations of ($0.08) by $0.02. The firm's revenue for the quarter was reported at $0.18 million.

Institutional Investor Activity

Recent trading activities among large investors show notable changes in their holdings of QUBT. TRUE Private Wealth Advisors significantly increased its stake by 318.1% in the second quarter, adding 50,000 shares to its portfolio. Virtu Financial LLC also ramped up its position by 377.7% in the third quarter, acquiring 47,880 additional shares. XTX Topco Ltd entered a new position worth about $46,000 in Quantum Computing, while Geode Capital Management LLC raised its stake by 10.5%, now holding 687,208 shares valued at $449,000. Currently, institutional investors and hedge funds own 4.26% of the stock.

Company Overview

Quantum Computing Inc. is an integrated photonics company that focuses on making quantum machines accessible and affordable. Their product lineup includes the Dirac systems, portable and low power quantum computers that operate at room temperature. They also offer quantum random number generators and a quantum authentication solution designed to enhance cybersecurity.

Conclusion

In summary, while Quantum Computing (QUBT) is currently facing a decline in its stock price, analysts are still giving it a "buy" rating as they foresee potential upward movement. However, considering the opinions of top analysts and the performance of other stocks may suggest looking for better investment opportunities.

Quantum, Computing, Stocks