Quantum Computing (NASDAQ:QUBT) Trading Up 0.5% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 0.5% on Thursday . The stock traded as high as $11.94 and last traded at $11.15. Approximately 11,280,684 shares changed hands during trading, a decline of 76% from the average daily volume of 47,241,102 shares. The stock had previously closed at $11.10.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets upped their price objective on shares of 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 Performance

The company has a market capitalization of $1.38 billion, a PE ratio of -36.99 and a beta of 2.83. The business’s 50-day moving average is $10.76 and its 200-day moving average is $4.27.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter. The firm had revenue of $0.10 million for the quarter.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of QUBT. Virtu Financial LLC increased its stake in shares of 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 buying an additional 47,880 shares during the period. XTX Topco Ltd purchased a new position in Quantum Computing in the third quarter valued at about $46,000. Flagship Harbor Advisors LLC purchased a new position in Quantum Computing in the fourth quarter valued at about $199,000. Sovereign Financial Group Inc. purchased a new position in Quantum Computing in the fourth quarter valued at about $209,000. Finally, Diversify Wealth Management LLC purchased a new position in Quantum Computing in the fourth quarter valued at about $331,000. 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.