Quantum Computing (NASDAQ:QUBT) Trading 6% Higher – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 6% during mid-day trading on Wednesday . The company traded as high as $7.05 and last traded at $7.05. 2,823,290 shares were traded during trading, a decline of 48% from the average session volume of 5,433,396 shares. The stock had previously closed at $6.65.

Analyst Ratings Changes

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

Quantum Computing Stock Up 1.5 %

The business’s 50-day moving average price is $1.73 and its 200 day moving average price is $1.03. The company has a market capitalization of $689.99 million, a P/E ratio of -23.28 and a beta of 1.64.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PEAK6 Investments LLC bought a new stake in shares of Quantum Computing during the 1st quarter valued at about $129,000. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter valued at approximately $46,000. Geode Capital Management LLC grew its stake in 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 in the last quarter. TRUE Private Wealth Advisors increased its holdings in shares of Quantum Computing by 318.1% in the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after buying an additional 50,000 shares during the last quarter. Finally, Virtu Financial LLC raised 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 buying an additional 47,880 shares in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.