Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $4.76, but opened at $5.03. Quantum Computing shares last traded at $5.02, with a volume of 36,191,750 shares trading hands.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The business’s 50-day moving average price is $1.16 and its two-hundred day moving average price is $0.83. The firm has a market cap of $616.37 million, a price-to-earnings ratio of -17.79 and a beta of 1.64.

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, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Trading of Quantum Computing

Hedge funds have recently made changes to their positions in the company. TRUE Private Wealth Advisors raised its position in shares of Quantum Computing by 318.1% in the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after purchasing an additional 50,000 shares in the last quarter. Virtu Financial LLC grew its position in Quantum Computing by 377.7% during 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 in the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the third quarter worth approximately $46,000. PEAK6 Investments LLC purchased a new stake in shares of Quantum Computing during the 1st quarter worth about $129,000. Finally, Geode Capital Management LLC boosted its holdings 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 in the last quarter. 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.