Ascendiant Capital Markets Boosts Quantum Computing (NASDAQ:QUBT) Price Target to $8.50

Quantum Computing (NASDAQ:QUBT) had its price target boosted by stock analysts at Ascendiant Capital Markets from $8.25 to $8.50 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Ascendiant Capital Markets’ price objective indicates a potential upside of 280.31% from the stock’s previous close.

Quantum Computing Stock Up 62.0 %

Quantum Computing stock traded up $0.86 during mid-day trading on Wednesday, reaching $2.24. 14,934,316 shares of the company’s stock traded hands, compared to its average volume of 1,377,970. Quantum Computing has a 12-month low of $0.35 and a 12-month high of $2.30. The company has a market cap of $221.47 million, a price-to-earnings ratio of -7.71 and a beta of 1.64. The stock has a 50 day moving average of $0.86 and a two-hundred day moving average of $0.73.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. PEAK6 Investments LLC purchased a new position in Quantum Computing in the 1st quarter valued at approximately $129,000. Virtu Financial LLC lifted its position in shares of Quantum Computing by 17.7% during the 1st quarter. Virtu Financial LLC now owns 95,425 shares of the company’s stock worth $94,000 after buying an additional 14,326 shares during the last quarter. Finally, TRUE Private Wealth Advisors lifted its holdings in shares of Quantum Computing by 318.1% in the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after purchasing an additional 50,000 shares during 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.