Quantum Computing (NASDAQ:QUBT) Stock Price Up 9.3% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares shot up 9.3% during mid-day trading on Wednesday . The company traded as high as $7.50 and last traded at $8.07. 2,633,299 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 29,689,871 shares. The stock had previously closed at $7.38.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised 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 Trading Up 10.1 %

The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -28.05 and a beta of 2.75. The stock has a fifty day simple moving average of $12.09 and a 200-day simple moving average of $5.46.

Institutional Trading of Quantum Computing

A number of hedge funds have recently modified their holdings of QUBT. XTX Topco Ltd bought a new stake in shares of Quantum Computing in the 3rd quarter worth approximately $46,000. Geode Capital Management LLC lifted its position 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 acquiring an additional 65,486 shares during the period. Virtu Financial LLC lifted its position in shares of 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 acquiring an additional 47,880 shares during the period. Sovereign Financial Group Inc. bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $209,000. Finally, Diversify Wealth Management LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $331,000. Institutional investors own 4.26% of the company’s stock.

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.