Quantum Computing (NASDAQ:QUBT) Trading Up 44.1% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was up 44.1% during trading on Tuesday . The company traded as high as $16.78 and last traded at $15.97. Approximately 91,794,618 shares traded hands during mid-day trading, an increase of 1,181% from the average daily volume of 7,164,195 shares. The stock had previously closed at $11.08.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their price target on shares of 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 Price Performance

The firm’s 50 day moving average price is $3.76 and its two-hundred day moving average price is $1.74. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of -52.21 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently modified their holdings of QUBT. XTX Topco Ltd acquired a new position in Quantum Computing in the 3rd quarter valued at $46,000. Geode Capital Management LLC boosted its holdings 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 valued at $449,000 after acquiring an additional 65,486 shares in the last quarter. Finally, Virtu Financial LLC increased its stake 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 acquiring an additional 47,880 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

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.