Quantum Computing (NASDAQ:QUBT) Shares Up 10.8% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded up 10.8% on Friday . The company traded as high as $11.28 and last traded at $11.08. 10,560,584 shares changed hands during trading, a decline of 72% from the average session volume of 38,299,855 shares. The stock had previously closed at $10.00.

Analyst Ratings Changes

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 research note on Wednesday, November 13th.

Quantum Computing Trading Up 13.6 %

The stock’s 50 day moving average is $11.59 and its 200-day moving average is $4.65. The company has a market cap of $1.47 billion, a P/E ratio of -39.09 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results 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.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings 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. UNICOM Systems Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter valued at about $5,707,000. Focus Financial Network Inc. bought a new stake in shares of Quantum Computing in the fourth quarter worth approximately $1,536,000. Heck Capital Advisors LLC purchased a new position in shares of Quantum Computing during the fourth quarter valued at approximately $1,255,000. Finally, XTX Topco Ltd purchased a new position in shares of Quantum Computing during the third quarter valued at approximately $46,000. 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.