Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $17.62, but opened at $19.84. Quantum Computing shares last traded at $17.16, with a volume of 27,375,825 shares traded.

Analyst Ratings Changes

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

Quantum Computing Trading Down 6.0 %

The firm’s 50-day simple moving average is $5.56 and its two-hundred day simple moving average is $2.37. The stock has a market capitalization of $2.03 billion, a PE ratio of -58.93 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last posted 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 company had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of QUBT. XTX Topco Ltd acquired a new stake in shares of Quantum Computing in the 3rd quarter valued at $46,000. Geode Capital Management LLC increased its position in Quantum Computing by 10.5% during the third 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 during the last quarter. Finally, Virtu Financial LLC raised its holdings 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 buying an additional 47,880 shares in the last quarter. 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.