Quantum Computing (NASDAQ:QUBT) Trading Up 1.6% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price was up 1.6% on Tuesday . The stock traded as high as $4.83 and last traded at $4.59. Approximately 2,380,691 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 14,375,352 shares. The stock had previously closed at $4.52.

Analyst Ratings Changes

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

Quantum Computing Trading Up 1.3 %

The stock’s 50-day simple moving average is $9.07 and its 200-day simple moving average is $6.03. The stock has a market cap of $753.10 million, a price-to-earnings ratio of -18.93 and a beta of 3.26.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing during the 4th quarter worth approximately $69,613,000. Anson Funds Management LP acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. boosted its position in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $11,750,000. Institutional investors and hedge funds 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.