Quantum Computing (NASDAQ:QUBT) Shares Gap Up – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped up prior to trading on Monday . The stock had previously closed at $7.06, but opened at $7.33. Quantum Computing shares last traded at $6.64, with a volume of 10,440,704 shares trading hands.

Wall Street Analyst Weigh In

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 report on Wednesday, November 13th.

Quantum Computing Stock Down 7.5 %

The stock has a fifty day moving average of $1.98 and a 200-day moving average of $1.12. The stock has a market cap of $667.50 million, a PE ratio of -22.48 and a beta of 1.64.

Quantum Computing (NASDAQ:QUBT) last released 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 company had revenue of $0.18 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TRUE Private Wealth Advisors lifted its holdings in Quantum Computing by 318.1% in 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 increased its position 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 valued at $40,000 after purchasing an additional 47,880 shares during the period. XTX Topco Ltd acquired a new position in shares of Quantum Computing in the 3rd quarter worth $46,000. Finally, Geode Capital Management LLC grew its position in Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.