Traders Purchase High Volume of Quantum Computing Call Options (NASDAQ:QUBT)

Quantum Computing Inc. (NASDAQ:QUBT) was the recipient of some unusual options trading on Monday. Traders acquired 29,006 call options on the company. This represents an increase of 271% compared to the average volume of 7,810 call options.

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd purchased a new position in Quantum Computing during the third quarter worth $46,000. Geode Capital Management LLC boosted its stake in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. Finally, Virtu Financial LLC boosted its stake in shares of 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 during the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Quantum Computing stock traded up $2.62 during mid-day trading on Monday, reaching $9.33. The company had a trading volume of 36,721,008 shares, compared to its average volume of 6,562,633. The stock’s 50-day simple moving average is $3.23 and its 200-day simple moving average is $1.55. Quantum Computing has a 1 year low of $0.35 and a 1 year high of $9.38. The company has a market capitalization of $953.71 million, a P/E ratio of -30.45 and a beta of 3.11.

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

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.