Quantum Computing (NASDAQ:QUBT) Trading Up 1.6% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 1.6% on Tuesday . The stock traded as high as $4.83 and last traded at $4.59. 2,380,691 shares were traded during trading, a decline of 83% from the average session volume of 14,375,352 shares. The stock had previously closed at $4.52.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their price target on shares of 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 Stock Performance

The stock has a 50 day moving average of $9.81 and a 200-day moving average of $5.98. The company has a market cap of $648.16 million, a PE ratio of -16.29 and a beta of 3.26.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of QUBT. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP purchased a new stake in shares of Quantum Computing in the 4th quarter valued at $70,006,000. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. acquired a new position in Quantum Computing during the fourth quarter valued at $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new position in Quantum Computing during the fourth quarter valued at $11,750,000. 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.