Quantum Computing (NASDAQ:QUBT) Stock Price Up 9.3% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 9.3% during mid-day trading on Wednesday . The stock traded as high as $7.06 and last traded at $7.09. 3,086,478 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 27,883,809 shares. The stock had previously closed at $6.49.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their price target on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Quantum Computing Price Performance

The business has a fifty day moving average of $11.88 and a 200 day moving average of $5.70. The stock has a market cap of $927.72 million, a PE ratio of -23.39 and a beta of 2.75.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. UNICOM Systems Inc. purchased a new position in Quantum Computing during the 4th quarter valued at about $5,707,000. SG Americas Securities LLC acquired a new position in Quantum Computing during the 4th quarter valued at $626,000. Virtu Financial LLC grew its holdings in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Quantum Computing during the 4th quarter valued at about $786,000. Finally, Heck Capital Advisors LLC bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $1,255,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.