Quantum Computing (NASDAQ:QUBT) Trading 4.3% Higher – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares were up 4.3% during mid-day trading on Wednesday . The company traded as high as $8.27 and last traded at $8.21. Approximately 5,444,502 shares changed hands during trading, a decline of 83% from the average daily volume of 32,173,365 shares. The stock had previously closed at $7.87.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their target price 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 3.6 %

The firm has a market cap of $1.12 billion, a P/E ratio of -28.07 and a beta of 2.75. The firm’s 50-day moving average price is $12.03 and its 200 day moving average price is $5.20.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors have recently modified their holdings of the stock. Archer Investment Corp bought a new position in shares of Quantum Computing in the fourth quarter valued at approximately $33,000. IFP Advisors Inc acquired a new position in Quantum Computing in the fourth quarter valued at about $33,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing in the fourth quarter valued at $33,000. Virtu Financial LLC raised its position in Quantum Computing by 377.7% in the 3rd 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 last quarter. Finally, Hollencrest Capital Management acquired a new position in Quantum Computing during the 4th quarter valued at about $41,000. Institutional investors and hedge funds 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.