Quantum Computing (NASDAQ:QUBT) Trading Up 9.3% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shot up 9.3% during mid-day trading on Tuesday . The company traded as high as $11.20 and last traded at $10.74. 20,839,607 shares were traded during mid-day trading, a decline of 58% from the average session volume of 49,300,105 shares. The stock had previously closed at $9.83.

Wall Street Analyst Weigh In

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

The company has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $4.15. The company has a market cap of $1.46 billion, a P/E ratio of -38.54 and a beta of 2.83.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd bought a new stake in shares of Quantum Computing during the 3rd quarter worth approximately $46,000. Geode Capital Management LLC raised its position in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares in the last quarter. Virtu Financial LLC raised its position 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 in the last quarter. Sovereign Financial Group Inc. acquired a new stake in Quantum Computing in the fourth quarter valued at $209,000. Finally, Diversify Wealth Management LLC bought a new position in shares of Quantum Computing in the 4th quarter valued at about $331,000. 4.26% of the stock is currently owned by 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.