Quantum Computing (NASDAQ:QUBT) Shares Up 10.8% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price shot up 10.8% during trading on Friday . The company traded as high as $11.28 and last traded at $11.08. 10,560,584 shares traded hands during trading, a decline of 72% from the average session volume of 38,299,855 shares. The stock had previously closed at $10.00.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their target price 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 Stock Up 13.6 %

The business’s fifty day moving average is $11.59 and its 200-day moving average is $4.65. The company has a market cap of $1.47 billion, a PE ratio of -39.09 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share for the quarter. The firm had revenue of $0.10 million for the quarter.

Institutional Trading of Quantum Computing

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake 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. UNICOM Systems Inc. bought a new stake in Quantum Computing during the 4th quarter worth approximately $5,707,000. Focus Financial Network Inc. purchased a new position in Quantum Computing during the fourth quarter valued at approximately $1,536,000. Heck Capital Advisors LLC bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $1,255,000. Finally, XTX Topco Ltd bought a new position in shares of Quantum Computing in the third quarter worth approximately $46,000. 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.