Quantum Computing (NASDAQ:QUBT) Trading Up 0.5% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 0.5% during trading on Thursday . The company traded as high as $11.94 and last traded at $11.15. Approximately 11,280,684 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 47,241,102 shares. The stock had previously closed at $11.10.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets boosted their target price 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 Stock Performance

The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -37.69 and a beta of 2.83. The company has a 50-day moving average price of $11.05 and a 200-day moving average price of $4.39.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $0.10 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC grew its holdings 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 during the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing in the 3rd quarter valued at about $46,000. Flagship Harbor Advisors LLC purchased a new position in Quantum Computing during the 4th quarter worth approximately $199,000. Sovereign Financial Group Inc. acquired a new position in Quantum Computing during the fourth quarter worth approximately $209,000. Finally, Diversify Wealth Management LLC purchased a new stake in Quantum Computing in the fourth quarter valued at approximately $331,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.