Quantum Computing (NASDAQ:QUBT) Trading Up 5.6% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 5.6% during mid-day trading on Thursday . The stock traded as high as $18.87 and last traded at $18.05. Approximately 17,032,575 shares changed hands during trading, an increase of 73% from the average daily volume of 9,829,607 shares. The stock had previously closed at $17.09.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Up 10.8 %

The stock has a market capitalization of $2.25 billion, a P/E ratio of -65.31 and a beta of 3.07. The company has a fifty day moving average price of $5.89 and a 200-day moving average price of $2.48.

Quantum Computing (NASDAQ:QUBT) last posted its 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.

Institutional Trading of Quantum Computing

Several hedge funds have recently made changes to their positions in QUBT. Virtu Financial LLC increased its stake in 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 last quarter. Geode Capital Management LLC raised its holdings in 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 period. Finally, XTX Topco Ltd purchased a new position in Quantum Computing during the third quarter worth $46,000. 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.