Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares saw unusually-high trading volume on Wednesday . Approximately 63,849,054 shares were traded during trading, an increase of 716% from the previous session’s volume of 7,826,271 shares.The stock last traded at $22.56 and had previously closed at $16.79.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted their price objective on shares of 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 Stock Down 41.0 %

The stock has a market cap of $1.55 billion, a PE ratio of -52.21 and a beta of 3.11. The company’s fifty day moving average is $4.26 and its 200 day moving average is $1.91.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC increased its stake in shares of Quantum Computing by 377.7% in the third 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. Geode Capital Management LLC raised 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 purchasing an additional 65,486 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in Quantum Computing in the third quarter worth about $46,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.