Quantum Computing Inc. (NASDAQ:QUBT) Short Interest Up 173.2% in November

Quantum Computing Inc. (NASDAQ:QUBT) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 11,910,000 shares, an increase of 173.2% from the October 31st total of 4,360,000 shares. Based on an average trading volume of 16,220,000 shares, the days-to-cover ratio is presently 0.7 days. Currently, 13.8% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Performance

Quantum Computing stock traded up $0.31 during trading on Friday, hitting $7.06. The company’s stock had a trading volume of 24,711,430 shares, compared to its average volume of 5,712,573. The stock has a market capitalization of $721.67 million, a price-to-earnings ratio of -24.34 and a beta of 1.64. The stock’s fifty day moving average is $1.98 and its 200 day moving average is $1.11. Quantum Computing has a 1-year low of $0.35 and a 1-year high of $9.20.

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

Institutional Investors Weigh In On Quantum Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TRUE Private Wealth Advisors increased its stake in Quantum Computing by 318.1% during the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after acquiring an additional 50,000 shares during the last quarter. Virtu Financial LLC boosted its position 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 period. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the third quarter worth about $46,000. PEAK6 Investments LLC purchased a new stake in shares of Quantum Computing in the first quarter worth about $129,000. Finally, Geode Capital Management LLC boosted its position in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.