Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s share price gapped up prior to trading on Monday . The stock had previously closed at $7.39, but opened at $7.75. Quantum Computing shares last traded at $8.09, with a volume of 4,301,773 shares changing hands.

Quantum Computing Stock Up 12.3 %

The business has a fifty day moving average price of $8.10 and a 200 day moving average price of $6.41. The company has a market capitalization of $1.14 billion, a P/E ratio of -28.62 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $69,613,000. Anson Funds Management LP acquired a new position in Quantum Computing during the fourth quarter worth approximately $70,006,000. Vanguard Group Inc. increased its position in Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in Quantum Computing during the fourth quarter worth approximately $13,953,000. Finally, Geode Capital Management LLC increased its position in Quantum Computing by 11.0% during the fourth 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.