Quantum Computing (NASDAQ:QUBT) Trading Up 6.6% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 6.6% during trading on Wednesday . The stock traded as high as $6.74 and last traded at $6.58. Approximately 6,072,308 shares changed hands during mid-day trading, an increase of 4% from the average daily volume of 5,850,515 shares. The stock had previously closed at $6.17.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their price target 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 company has a market capitalization of $722.68 million, a PE ratio of -24.59 and a beta of 3.11. The firm’s fifty day simple moving average is $2.20 and its 200 day simple moving average is $1.19.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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

Several hedge funds have recently modified their holdings of QUBT. TRUE Private Wealth Advisors lifted its stake in 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 buying an additional 50,000 shares in the last quarter. Geode Capital Management LLC raised its holdings in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. XTX Topco Ltd acquired a new stake in Quantum Computing in the 3rd quarter valued at about $46,000. Finally, Virtu Financial LLC raised its holdings in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. 4.26% of the stock is owned by hedge funds and other 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.