Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – What’s Next?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw unusually-high trading volume on Tuesday . Approximately 13,204,881 shares were traded during trading, an increase of 36% from the previous session’s volume of 9,738,352 shares.The stock last traded at $16.86 and had previously closed at $18.19.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted their target price 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 Stock Performance

The business has a 50 day moving average price of $5.89 and a two-hundred day moving average price of $2.48. The company has a market cap of $2.03 billion, a P/E ratio of -58.93 and a beta of 3.07.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. Virtu Financial LLC increased its holdings in Quantum Computing by 377.7% during the 3rd 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 during the period. XTX Topco Ltd bought a new stake in shares of Quantum Computing in the 3rd quarter worth approximately $46,000. Finally, Geode Capital Management LLC increased its stake in shares of Quantum Computing by 10.5% during 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 during the period. 4.26% of the stock is owned by 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.