Quantum Computing (NASDAQ:QUBT) Trading Up 26.1% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) rose 26.1% during trading on Monday . The company traded as high as $8.54 and last traded at $8.46. Approximately 20,887,382 shares traded hands during mid-day trading, an increase of 221% from the average daily volume of 6,503,086 shares. The stock had previously closed at $6.71.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Price Performance

The stock has a market cap of $1.72 billion, a PE ratio of -57.90 and a beta of 3.11. The company’s fifty day moving average is $3.44 and its 200-day moving average is $1.62.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares in the last quarter. XTX Topco Ltd purchased a new stake in Quantum Computing during the third quarter worth $46,000. Finally, Virtu Financial LLC grew its position in 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 buying an additional 47,880 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

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.