Quantum Computing (NASDAQ:QUBT) Stock Price Down 6.2% - What's Next?

Quantum Computing Inc. (NASDAQ:QUBT) experienced a significant drop in its stock price, falling by 6.2% on Tuesday. The stock reached a low of $6.33 during the trading session, and its last recorded trading price was $6.44. A total of 4,848,760 shares were traded, marking a sharp decline of 83% compared to the average trading volume of 28,449,635 shares. Prior to this drop, the stock had closed at $6.86.

Wall Street Analysts Forecast Growth

In a recent report, Ascendiant Capital Markets raised its price target for Quantum Computing from $8.25 to $8.50 and assigned a "buy" rating to the stock. This optimistic outlook indicates the potential for future growth despite the recent decline.

Quantum Computing Stock Performance

Currently, Quantum Computing's fifty-day moving average stands at $12.08, while the 200-day moving average is significantly lower at $5.66. The company holds a market capitalization of approximately $901.25 million and has a P/E ratio of -22.63, along with a beta of 2.75, which suggests higher volatility compared to the market.

Institutional Inflows and Outflows

There have been several changes in the institutional ownership of Quantum Computing's stock. XTX Topco Ltd acquired a new position valued at about $46,000 in the third quarter. Meanwhile, Geode Capital Management LLC increased its holdings by 10.5%, now owning 687,208 shares, valued at $449,000 after purchasing an additional 65,486 shares in the same period. Virtu Financial LLC showed a remarkable increase of 377.7%, owning 60,557 shares valued at $40,000 after acquiring an additional 47,880 shares recently. Sovereign Financial Group Inc. and Diversify Wealth Management LLC also entered the market with new stakes worth $209,000 and $331,000, respectively. Currently, institutional investors and hedge funds own about 4.26% of the stock.

About Quantum Computing

Quantum Computing Inc. is recognized as a leader in the photonics sector. The company specializes in making quantum technology accessible and affordable. Their Dirac systems are known for being portable and low power, operating at room temperature. They offer various quantum computing solutions, including quantum computers capable of processing qubits and qutrits, reservoir computing systems, and quantum random number generators. Additionally, Quantum Computing provides advanced solutions for quantum authentication, enhancing security in telecommunications.

Should You Invest $1,000 in Quantum Computing Right Now?

Before considering an investment in Quantum Computing, it is wise to explore alternatives. While the stock carries a "buy" rating among certain analysts, there are other stocks that top-rated analysts find more promising at the moment.

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