Quantum Computing (NASDAQ:QUBT) Stock Price Up 19.7% – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 19.7% on Friday . The stock traded as high as $18.60 and last traded at $18.12. Approximately 63,940,445 shares changed hands during trading, an increase of 592% from the average daily volume of 9,234,355 shares. The stock had previously closed at $15.14.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets upped their target price on 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 Stock Up 16.4 %

The stock has a market capitalization of $2.10 billion, a PE ratio of -60.76 and a beta of 3.11. The company has a 50-day moving average of $4.89 and a 200 day moving average of $2.11.

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

Institutional Trading of Quantum Computing

Large investors have recently made changes to their positions in the company. Virtu Financial LLC increased its position 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 worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $449,000 after buying an additional 65,486 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Quantum Computing in the 3rd quarter valued at $46,000. 4.26% of the stock is currently owned by hedge funds and other 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.