Quantum Computing (NASDAQ:QUBT) Shares Up 9.2% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was up 9.2% during mid-day trading on Monday . The company traded as high as $8.85 and last traded at $7.93. Approximately 33,811,573 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 57,947,916 shares. The stock had previously closed at $7.26.

Wall Street Analysts Forecast Growth

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

Quantum Computing Price Performance

The stock’s 50 day simple moving average is $2.60 and its two-hundred day simple moving average is $1.33. The company has a market capitalization of $810.60 million, a P/E ratio of -27.34 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data 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.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently bought and sold shares of QUBT. XTX Topco Ltd bought a new position in Quantum Computing during the third quarter worth about $46,000. Geode Capital Management LLC increased its stake in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. TRUE Private Wealth Advisors raised its position 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 acquiring an additional 50,000 shares during the period. Finally, Virtu Financial LLC boosted its stake 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 acquiring an additional 47,880 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Company Profile

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.