Quantum Computing (NASDAQ:QUBT) Trading Up 44.1% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose 44.1% during trading on Tuesday . The company traded as high as $16.78 and last traded at $15.97. Approximately 91,794,618 shares changed hands during trading, an increase of 1,181% from the average daily volume of 7,164,195 shares. The stock had previously closed at $11.08.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Performance

The firm has a 50-day moving average price of $3.76 and a two-hundred day moving average price of $1.74. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of -52.21 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

Institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC grew its holdings in shares of Quantum Computing by 377.7% during 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 last quarter. Geode Capital Management LLC boosted its position in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during the period. Finally, XTX Topco Ltd purchased a new position in Quantum Computing during the 3rd quarter worth approximately $46,000. 4.26% of the stock is owned by hedge funds and other 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.