Quantum Computing (NASDAQ:QUBT) Stock Price Up 7.2% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded up 7.2% during trading on Monday . The company traded as high as $19.95 and last traded at $18.88. 36,343,319 shares changed hands during trading, an increase of 278% from the average session volume of 9,624,486 shares. The stock had previously closed at $17.62.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The company has a market capitalization of $2.12 billion, a PE ratio of -61.38 and a beta of 3.11. The stock has a 50-day simple moving average of $4.89 and a 200 day simple moving average of $2.13.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the third quarter valued at $46,000. Geode Capital Management LLC lifted its holdings in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares in the last quarter. Finally, Virtu Financial LLC lifted its holdings in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.