Quantum Computing (NASDAQ:QUBT) Trading 5.6% Higher – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded up 5.6% during trading on Thursday . The stock traded as high as $18.87 and last traded at $18.05. 17,032,575 shares were traded during trading, an increase of 73% from the average session volume of 9,829,607 shares. The stock had previously closed at $17.09.

Wall Street Analysts Forecast Growth

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

Quantum Computing Price Performance

The company has a market cap of $2.25 billion, a PE ratio of -65.31 and a beta of 3.07. The business has a 50-day moving average of $5.89 and a 200 day moving average of $2.48.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in QUBT. Virtu Financial LLC increased its holdings 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 acquiring an additional 47,880 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the third quarter worth $46,000. Finally, Geode Capital Management LLC raised its position in shares of 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 purchasing an additional 65,486 shares during the period. 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.