Quantum Computing (NASDAQ:QUBT) Sees Unusually-High Trading Volume – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares saw an uptick in trading volume on Wednesday . 63,849,054 shares were traded during mid-day trading, an increase of 716% from the previous session’s volume of 7,826,271 shares.The stock last traded at $22.56 and had previously closed at $16.79.

Analysts Set New Price Targets

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

Quantum Computing Trading Up 44.0 %

The stock has a market cap of $2.47 billion, a P/E ratio of -83.34 and a beta of 3.11. The stock has a 50 day simple moving average of $3.44 and a 200 day simple moving average of $1.62.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC grew its stake in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the period. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter valued at about $46,000. Finally, Geode Capital Management LLC increased 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 worth $449,000 after buying an additional 65,486 shares in the last quarter. 4.26% of the stock is 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.