Quantum Computing (NASDAQ:QUBT) Sees Unusually-High Trading Volume – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) saw unusually-high trading volume on Monday . Approximately 17,492,854 shares were traded during mid-day trading, a decline of 9% from the previous session’s volume of 19,205,738 shares.The stock last traded at $19.90 and had previously closed at $17.50.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Down 43.3 %

The company has a market cap of $1.28 billion, a price-to-earnings ratio of -34.17 and a beta of 2.83. The firm has a 50-day simple moving average of $9.09 and a 200 day simple moving average of $3.63.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC raised its position in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after buying an additional 47,880 shares during the last quarter. XTX Topco Ltd acquired a new stake in Quantum Computing in the third quarter valued at about $46,000. Finally, Geode Capital Management LLC lifted its position in Quantum Computing by 10.5% in the third 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 during the period. Hedge funds and other institutional investors 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.