Quantum Computing (NASDAQ:QUBT) Stock Price Up 26.1% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 26.1% during mid-day trading on Monday . The company traded as high as $8.54 and last traded at $8.46. 20,887,382 shares changed hands during trading, an increase of 221% from the average session volume of 6,503,086 shares. The stock had previously closed at $6.71.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their price target on 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 Trading Up 65.1 %

The business has a 50 day moving average of $3.23 and a 200-day moving average of $1.55. The stock has a market cap of $1.13 billion, a PE ratio of -30.45 and a beta of 3.11.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the third quarter valued at approximately $46,000. Geode Capital Management LLC boosted its stake in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after buying an additional 65,486 shares in the last quarter. Finally, Virtu Financial LLC boosted its stake in shares of Quantum Computing by 377.7% in the third 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 in the last quarter. 4.26% of the stock is currently 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.