Quantum Computing (NASDAQ:QUBT) Trading Up 6% – Time to Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose 6% during mid-day trading on Wednesday . The stock traded as high as $7.05 and last traded at $7.05. Approximately 2,823,290 shares traded hands during trading, a decline of 48% from the average daily volume of 5,433,396 shares. The stock had previously closed at $6.65.

Analysts Set New Price Targets

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

Quantum Computing Price Performance

The stock has a market capitalization of $626.61 million, a price-to-earnings ratio of -25.72 and a beta of 1.64. The business has a fifty day moving average of $1.61 and a 200-day moving average of $0.99.

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

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in shares of Quantum Computing by 10.5% in 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. PEAK6 Investments LLC acquired a new stake in shares of Quantum Computing during the 1st quarter worth approximately $129,000. Virtu Financial LLC lifted its position in shares of Quantum Computing by 17.7% during the 1st quarter. Virtu Financial LLC now owns 95,425 shares of the company’s stock worth $94,000 after buying an additional 14,326 shares during the last quarter. XTX Topco Ltd acquired a new position in Quantum Computing during the 3rd quarter worth approximately $46,000. Finally, TRUE Private Wealth Advisors raised its position in Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after purchasing an additional 50,000 shares during the last quarter. 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.