Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) shares gapped up before the market opened on Monday . The stock had previously closed at $7.06, but opened at $7.33. Quantum Computing shares last traded at $6.64, with a volume of 10,440,704 shares.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their price target 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 Price Performance

The firm has a market cap of $667.50 million, a price-to-earnings ratio of -22.48 and a beta of 1.64. The firm has a 50 day moving average price of $1.98 and a 200-day moving average price of $1.12.

Quantum Computing (NASDAQ:QUBT) last released its earnings results 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 Investors Weigh In On Quantum Computing

A number of hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC increased its stake in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after buying an additional 47,880 shares during the period. Geode Capital Management LLC boosted 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 worth $449,000 after purchasing an additional 65,486 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Quantum Computing during the third quarter worth approximately $46,000. Finally, TRUE Private Wealth Advisors lifted its stake in shares of Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after buying an additional 50,000 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.