Quantum Computing (NASDAQ:QUBT) Stock Price Up 6.4% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 6.4% during trading on Tuesday . The stock traded as high as $8.05 and last traded at $6.94. Approximately 20,423,091 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 35,584,023 shares. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised their price target on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Price Performance

The stock has a market cap of $1.40 billion, a P/E ratio of -37.52 and a beta of 2.83. The firm’s 50 day moving average price is $9.86 and its 200-day moving average price is $3.92.

Institutional Trading of Quantum Computing

Institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in shares of Quantum Computing during the third quarter valued at $46,000. Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% during 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 period. Virtu Financial LLC lifted 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 valued at $40,000 after acquiring an additional 47,880 shares during the period. Diversify Wealth Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $331,000. Finally, Sovereign Financial Group Inc. bought a new stake in shares of Quantum Computing in the fourth quarter worth approximately $209,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.