Quantum Computing (NASDAQ:QUBT) Trading 0.2% Higher – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was up 0.2% during mid-day trading on Friday . The company traded as high as $6.53 and last traded at $6.37. Approximately 5,881,448 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 6,401,294 shares. The stock had previously closed at $6.36.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their price objective 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 business’s fifty day simple moving average is $3.23 and its two-hundred day simple moving average is $1.55. The company has a market cap of $685.39 million, a PE ratio of -23.12 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in QUBT. Geode Capital Management LLC increased its holdings in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Quantum Computing during the third quarter valued at approximately $46,000. Finally, Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares in the last quarter. Hedge funds and other institutional investors 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.