Quantum Computing (NASDAQ:QUBT) Trading 5.6% Higher – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 5.6% on Thursday . The company traded as high as $18.87 and last traded at $18.05. Approximately 17,032,575 shares were traded during trading, an increase of 73% from the average daily volume of 9,829,607 shares. The stock had previously closed at $17.09.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets lifted 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 Stock Down 4.6 %

The stock has a 50-day moving average price of $6.26 and a 200 day moving average price of $2.59. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -63.28 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

Several large investors have recently bought and sold shares of the business. Virtu Financial LLC boosted its position in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 purchasing an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Quantum Computing in 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.