Quantum Computing (NASDAQ:QUBT) Trading Up 19.1% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 19.1% during mid-day trading on Wednesday . The company traded as high as $24.20 and last traded at $20.00. Approximately 101,383,401 shares were traded during trading, an increase of 1,165% from the average daily volume of 8,015,435 shares. The stock had previously closed at $16.79.

Wall Street Analyst Weigh In

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

Quantum Computing Price Performance

The stock’s 50-day simple moving average is $4.26 and its two-hundred day simple moving average is $1.91. The firm has a market cap of $1.55 billion, a P/E ratio of -52.21 and a beta of 3.11.

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

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC raised its stake in shares of 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 in the last quarter. XTX Topco Ltd purchased a new position in Quantum Computing during the 3rd quarter worth $46,000. Finally, Geode Capital Management LLC increased its holdings in Quantum Computing by 10.5% during the 3rd 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 period. 4.26% of the stock is currently owned by institutional investors.

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.