Quantum Computing (NASDAQ:QUBT) Stock Price Up 0.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares traded up 0.4% on Friday . The company traded as high as $6.32 and last traded at $6.22. 3,562,794 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 26,855,467 shares. The stock had previously closed at $6.19.

Analyst Ratings Changes

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 research note on Wednesday, November 13th.

Quantum Computing Price Performance

The company has a 50-day simple moving average of $11.09 and a 200-day simple moving average of $5.78. The stock has a market cap of $832.66 million, a PE ratio of -20.93 and a beta of 2.75.

Hedge Funds Weigh In On Quantum Computing

Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new stake in Quantum Computing during the fourth quarter worth about $30,000. IFP Advisors Inc purchased a new stake in shares of Quantum Computing during the 4th quarter worth approximately $33,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing in the 4th quarter worth approximately $33,000. Archer Investment Corp acquired a new stake in shares of Quantum Computing in the 4th quarter worth approximately $33,000. Finally, Hollencrest Capital Management purchased a new position in Quantum Computing in the 4th quarter valued at approximately $41,000. Hedge funds and other 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.