Quantum Computing (NASDAQ:QUBT) Trading 19.6% Higher – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) rose 19.6% during mid-day trading on Monday . The stock traded as high as $8.57 and last traded at $8.48. Approximately 44,944,208 shares were traded during trading, an increase of 202% from the average daily volume of 14,870,732 shares. The stock had previously closed at $7.09.

Quantum Computing Stock Performance

The company has a 50-day simple moving average of $8.59 and a 200-day simple moving average of $6.15. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -28.84 and a beta of 3.26.

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently modified their holdings of the company. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing during the 4th quarter worth approximately $69,613,000. Anson Funds Management LP purchased a new stake in shares of Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. boosted its stake in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of Quantum Computing during the 4th quarter worth approximately $13,953,000. Finally, Geode Capital Management LLC boosted its stake in shares of Quantum Computing by 11.0% during the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after acquiring an additional 75,380 shares in the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.