Quantum Computing (NASDAQ:QUBT) Shares Up 7.5% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 7.5% during trading on Wednesday . The stock traded as high as $5.27 and last traded at $5.09. 3,455,417 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 14,393,775 shares. The stock had previously closed at $4.73.

Quantum Computing Trading Up 18.9 %

The company has a market capitalization of $895.76 million, a P/E ratio of -22.37 and a beta of 3.26. The business’s fifty day moving average price is $8.80 and its 200-day moving average price is $6.03.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. UNICOM Systems Inc. bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $5,707,000. SBI Securities Co. Ltd. bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $1,602,000. SG Americas Securities LLC bought a new position in shares of Quantum Computing in the fourth quarter worth approximately $626,000. Virtu Financial LLC lifted its position in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in Quantum Computing during the fourth quarter valued at approximately $786,000. Hedge funds and other 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.