Quantum Computing (NASDAQ:QUBT) Trading 4.3% Higher – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shot up 4.3% during mid-day trading on Wednesday . The company traded as high as $8.27 and last traded at $8.21. 5,444,502 shares changed hands during trading, a decline of 83% from the average session volume of 32,173,365 shares. The stock had previously closed at $7.87.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Up 3.6 %

The business has a fifty day moving average of $12.03 and a 200 day moving average of $5.20. The company has a market cap of $1.12 billion, a P/E ratio of -28.07 and a beta of 2.75.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently added to or reduced their stakes in QUBT. Archer Investment Corp purchased a new stake in Quantum Computing during the fourth quarter valued at approximately $33,000. IFP Advisors Inc bought a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing during the 4th quarter valued at approximately $33,000. Virtu Financial LLC grew 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 valued at $40,000 after acquiring an additional 47,880 shares in the last quarter. Finally, Hollencrest Capital Management bought a new position in Quantum Computing during the fourth quarter valued at approximately $41,000. 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.