Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Wednesday . The stock had previously closed at $11.49, but opened at $12.08. Quantum Computing shares last traded at $11.58, with a volume of 10,764,650 shares trading hands.

Analyst Ratings Changes

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

Quantum Computing Stock Up 0.7 %

The firm has a market capitalization of $1.49 billion, a P/E ratio of -39.91 and a beta of 2.83. The business’s 50-day simple moving average is $10.59 and its 200 day simple moving average is $4.22.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The firm had revenue of $0.10 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently bought and sold shares of QUBT. XTX Topco Ltd bought a new position in shares of Quantum Computing during the third quarter valued at about $46,000. Geode Capital Management LLC lifted its position in Quantum Computing by 10.5% during the 3rd 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 period. Virtu Financial LLC boosted its position in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Quantum Computing in the fourth quarter worth $786,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth $626,000. 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.