Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw strong trading volume on Monday . 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.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets upped their target price on 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 Price Performance

The stock has a market capitalization of $2.31 billion, a P/E ratio of -61.72 and a beta of 2.83. The stock’s fifty day moving average price is $8.25 and its 200 day moving average price is $3.34.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently made changes to their positions in the company. Virtu Financial LLC raised its holdings in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd purchased a new position in Quantum Computing in the third quarter worth $46,000. Finally, Geode Capital Management LLC increased its position in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. 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.