Quantum Computing (NASDAQ:QUBT) Shares Up 3.1% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 3.1% on Thursday . The company traded as high as $17.34 and last traded at $17.07. 8,062,776 shares were traded during trading, a decline of 21% from the average session volume of 10,154,294 shares. The stock had previously closed at $16.55.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Performance

The company has a market capitalization of $2.26 billion, a PE ratio of -60.34 and a beta of 3.07. The stock has a fifty day moving average of $8.25 and a 200 day moving average of $3.30.

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

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently made changes to their positions in QUBT. Virtu Financial LLC increased its position in 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 purchasing an additional 47,880 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Quantum Computing in the 3rd quarter worth $46,000. Finally, Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% in the 3rd 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 last quarter. 4.26% of the stock is owned by 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.