Quantum Computing (NASDAQ:QUBT) Trading Up 19.1% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) shares were up 19.1% on Wednesday . The company traded as high as $24.20 and last traded at $20.00. Approximately 101,383,401 shares traded hands during trading, an increase of 1,165% from the average daily volume of 8,015,435 shares. The stock had previously closed at $16.79.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Up 42.8 %

The company has a market cap of $2.45 billion, a PE ratio of -82.66 and a beta of 3.11. The company’s fifty day moving average is $3.44 and its 200-day moving average is $1.62.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 bought and sold shares of the company. Virtu Financial LLC boosted its stake in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after acquiring an additional 47,880 shares during the period. Geode Capital Management LLC grew its holdings in Quantum Computing by 10.5% during the 3rd 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 in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Quantum Computing during the third quarter valued at approximately $46,000. Institutional investors own 4.26% of the company’s stock.

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.