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

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $7.96, but opened at $8.52. Quantum Computing shares last traded at $8.00, with a volume of 7,424,895 shares.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets upped 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 Trading Down 7.4 %

The firm has a market cap of $1.03 billion, a P/E ratio of -25.83 and a beta of 2.75. The firm’s 50 day moving average is $12.17 and its two-hundred day moving average is $5.54.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alyeska Investment Group L.P. acquired a new stake in Quantum Computing during the 4th quarter worth approximately $69,613,000. Anson Funds Management LP acquired a new stake in Quantum Computing in the 4th quarter valued at approximately $70,006,000. Vanguard Group Inc. lifted its stake in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after acquiring an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in Quantum Computing during the fourth quarter worth $13,953,000. Finally, Geode Capital Management LLC boosted its stake in shares of Quantum Computing by 11.0% during the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after buying an additional 75,380 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.