Quantum Computing (NASDAQ:QUBT) Trading 6% Higher – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 6% on Wednesday . The company traded as high as $7.05 and last traded at $7.05. Approximately 2,823,290 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 5,433,396 shares. The stock had previously closed at $6.65.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased their price target on shares of 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 Performance

The company has a market cap of $689.99 million, a PE ratio of -23.28 and a beta of 1.64. The business’s 50-day moving average is $1.73 and its 200 day moving average is $1.03.

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

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently bought and sold shares of QUBT. Geode Capital Management LLC grew its holdings in shares of 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 during the last quarter. PEAK6 Investments LLC bought a new stake in Quantum Computing in the 1st quarter worth $129,000. Virtu Financial LLC increased its position in shares of Quantum Computing by 17.7% in the first quarter. Virtu Financial LLC now owns 95,425 shares of the company’s stock valued at $94,000 after acquiring an additional 14,326 shares during the period. XTX Topco Ltd bought a new position in shares of Quantum Computing during the third quarter valued at about $46,000. Finally, TRUE Private Wealth Advisors boosted its holdings in shares of Quantum Computing by 318.1% during the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after purchasing an additional 50,000 shares during the period. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.