Quantum Computing (NASDAQ:QUBT) Stock Price Up 2.3% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 2.3% on Friday . The stock traded as high as $5.18 and last traded at $4.98. Approximately 3,064,004 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 24,919,229 shares. The stock had previously closed at $4.87.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets raised their price target 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 Price Performance

The business’s 50 day simple moving average is $9.81 and its 200 day simple moving average is $5.94. The company has a market capitalization of $690.00 million, a PE ratio of -17.34 and a beta of 3.26.

Hedge Funds Weigh In On Quantum Computing

Institutional investors have recently bought and sold shares of the company. UNICOM Systems Inc. purchased a new position in Quantum Computing during the fourth quarter worth about $5,707,000. SBI Securities Co. Ltd. acquired a new stake in shares of Quantum Computing during the fourth quarter valued at about $1,602,000. SG Americas Securities LLC acquired a new stake in shares of Quantum Computing during the fourth quarter valued at about $626,000. 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 valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Quantum Computing during the fourth quarter valued at about $786,000. 4.26% of the stock is 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.