Quantum Computing Inc. (NASDAQ:QUBT) Sees Large Increase in Short Interest

Quantum Computing Inc. (NASDAQ:QUBT) saw a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 14,600,000 shares, an increase of 22.6% from the November 15th total of 11,910,000 shares. Approximately 16.9% of the shares of the company are sold short. Based on an average daily trading volume, of 19,860,000 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of QUBT. XTX Topco Ltd bought a new position in Quantum Computing in the third quarter worth $46,000. Geode Capital Management LLC increased 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 buying an additional 65,486 shares during the period. Finally, Virtu Financial LLC raised its stake in shares of 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 buying an additional 47,880 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised their price objective on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Quantum Computing Stock Performance

Shares of NASDAQ:QUBT traded up $4.38 on Monday, hitting $11.08. 114,065,833 shares of the company were exchanged, compared to its average volume of 6,903,831. The company’s 50 day moving average price is $3.44 and its two-hundred day moving average price is $1.62. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -38.21 and a beta of 3.11. Quantum Computing has a one year low of $0.35 and a one year high of $12.28.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (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.

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.