Quantum Computing (NASDAQ:QUBT) Stock Price Up 9.3% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 9.3% on Wednesday . The company traded as high as $7.50 and last traded at $8.07. Approximately 2,633,299 shares changed hands during trading, a decline of 91% from the average daily volume of 29,689,871 shares. The stock had previously closed at $7.38.

Wall Street Analysts Forecast Growth

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 Stock Performance

The stock has a 50 day moving average price of $12.09 and a two-hundred day moving average price of $5.46. The company has a market capitalization of $1.11 billion, a PE ratio of -28.05 and a beta of 2.75.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $69,613,000. Anson Funds Management LP acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $70,006,000. Vanguard Group Inc. increased its holdings in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $11,750,000. Institutional investors and hedge funds 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.