Quantum Computing (NASDAQ:QUBT) Shares Up 2.2% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 2.2% during trading on Thursday . The company traded as high as $8.47 and last traded at $8.45. 4,689,934 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 31,516,100 shares. The stock had previously closed at $8.26.

Analysts Set New Price Targets

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

Quantum Computing Price Performance

The company has a market capitalization of $1.09 billion, a P/E ratio of -27.41 and a beta of 2.75. The business has a 50-day moving average of $12.08 and a 200-day moving average of $5.30.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC bought a new stake in Quantum Computing in the fourth quarter worth about $30,000. Archer Investment Corp bought a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. IFP Advisors Inc bought a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Finally, Virtu Financial LLC lifted 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 during the last quarter. 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.