Quantum Computing (NASDAQ:QUBT) Reaches New 1-Year High – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $14.49 and last traded at $14.16, with a volume of 36272956 shares traded. The stock had previously closed at $11.08.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Up 52.9 %

The stock’s 50 day simple moving average is $3.76 and its two-hundred day simple moving average is $1.74. The company has a market cap of $2.62 billion, a PE ratio of -88.55 and a beta of 3.11.

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

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently bought and sold shares of the business. Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% during 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 bought a new stake in Quantum Computing during the third quarter valued at $46,000. Finally, Geode Capital Management LLC grew its position in shares of Quantum Computing by 10.5% during the 3rd 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. Institutional investors and hedge funds 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.