Quantum Computing (NASDAQ:QUBT) Sees Large Volume Increase – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw unusually-high trading volume on Tuesday . Approximately 4,825,476 shares were traded during trading, a decline of 16% from the previous session’s volume of 5,772,258 shares.The stock last traded at $5.55 and had previously closed at $6.11.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The business has a 50-day moving average of $2.09 and a 200-day moving average of $1.16. The firm has a market cap of $619.45 million, a price-to-earnings ratio of -19.21 and a beta of 3.07.

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

Institutional Investors Weigh In On Quantum Computing

Several institutional investors have recently made changes to their positions in QUBT. TRUE Private Wealth Advisors grew its holdings in shares of Quantum Computing by 318.1% during the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after purchasing an additional 50,000 shares in the last quarter. Virtu Financial LLC raised its position in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing in the 3rd quarter valued at $46,000. Finally, Geode Capital Management LLC increased its stake in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors.

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.