Quantum Computing (NASDAQ:QUBT) Trading Up 6.4% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price shot up 6.4% during trading on Tuesday . The stock traded as high as $8.05 and last traded at $6.94. 20,423,091 shares changed hands during trading, a decline of 43% from the average session volume of 35,584,023 shares. The stock had previously closed at $6.52.

Analysts Set New Price Targets

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

Quantum Computing Stock Performance

The firm has a market capitalization of $882.10 million, a PE ratio of -23.59 and a beta of 2.83. The firm’s 50-day moving average is $9.53 and its 200 day moving average is $3.82.

Institutional Trading of Quantum Computing

Several institutional investors and hedge funds have recently modified their holdings of QUBT. Virtu Financial LLC grew its holdings in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after buying an additional 47,880 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the third quarter valued at $46,000. Sovereign Financial Group Inc. purchased a new stake in Quantum Computing during the 4th quarter worth about $209,000. Finally, Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during 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.