Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) gapped up prior to trading on Monday . The stock had previously closed at $17.62, but opened at $19.84. Quantum Computing shares last traded at $17.16, with a volume of 27,375,825 shares changing hands.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets increased their price target 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 Trading Up 3.1 %

The stock’s 50-day moving average price is $4.89 and its 200-day moving average price is $2.13. The company has a market cap of $2.16 billion, a P/E ratio of -62.62 and a beta of 3.11.

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

Hedge Funds Weigh In On Quantum Computing

Hedge funds have recently bought and sold shares of the company. XTX Topco Ltd purchased a new position in shares of Quantum Computing in the 3rd quarter worth about $46,000. Geode Capital Management LLC boosted its stake 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 acquiring an additional 65,486 shares during the last quarter. Finally, Virtu Financial LLC increased its stake in shares of 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 purchasing an additional 47,880 shares during the last quarter. 4.26% of the stock is 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.