Quantum Computing (NASDAQ:QUBT) Hits New 12-Month High – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $14.49 and last traded at $14.16, with a volume of 36272956 shares. The stock had previously closed at $11.08.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets increased their price objective on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Price Performance

The firm’s 50 day moving average is $3.44 and its 200 day moving average is $1.62. The company has a market cap of $1.52 billion, a PE ratio of -55.07 and a beta of 3.11.

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

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC grew its position in Quantum Computing by 377.7% during 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 during the last quarter. Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Quantum Computing during the third quarter valued at about $46,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

About Quantum Computing

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.