Quantum Computing (NASDAQ:QUBT) Trading Up 3.1% – Time to Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 3.1% during mid-day trading on Thursday . The company traded as high as $17.34 and last traded at $17.07. Approximately 8,062,776 shares changed hands during trading, a decline of 21% from the average daily volume of 10,154,294 shares. The stock had previously closed at $16.55.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Down 6.7 %

The company has a market capitalization of $2.26 billion, a PE ratio of -60.34 and a beta of 3.07. The firm’s 50 day simple moving average is $8.25 and its 200 day simple moving average is $3.30.

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

Institutional Investors Weigh In On Quantum Computing

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