Quantum Computing (NASDAQ:QUBT) Stock Price Up 7.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shot up 7.3% during mid-day trading on Thursday . The stock traded as high as $7.10 and last traded at $6.87. 8,781,394 shares traded hands during trading, an increase of 38% from the average session volume of 6,362,006 shares. The stock had previously closed at $6.40.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The business has a 50 day moving average price of $3.23 and a 200 day moving average price of $1.54. The firm has a market capitalization of $685.39 million, a P/E ratio of -23.12 and a beta of 3.11.

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

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently bought and sold shares of QUBT. Virtu Financial LLC grew its position in Quantum Computing by 377.7% in 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. Geode Capital Management LLC raised its position in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Quantum Computing in the third quarter valued at about $46,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.