Quantum Computing (NASDAQ:QUBT) Stock Price Up 36.3% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price was up 36.3% on Wednesday . The company traded as high as $11.58 and last traded at $10.13. Approximately 60,355,100 shares changed hands during mid-day trading, an increase of 51% from the average daily volume of 39,961,281 shares. The stock had previously closed at $7.43.

Analyst Ratings Changes

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

Quantum Computing Price Performance

The stock has a 50 day moving average price of $9.66 and a two-hundred day moving average price of $3.86. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -36.00 and a beta of 2.83.

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC increased its position in 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 purchasing an additional 47,880 shares during the period. XTX Topco Ltd acquired a new stake in Quantum Computing in the third quarter worth about $46,000. Sovereign Financial Group Inc. acquired a new stake in Quantum Computing in the fourth quarter worth about $209,000. Finally, Geode Capital Management LLC increased its position in Quantum Computing by 10.5% in 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 period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.