Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Monday . The stock had previously closed at $17.62, but opened at $19.84. Quantum Computing shares last traded at $17.16, with a volume of 27,375,825 shares trading hands.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted their price objective on 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 stock’s 50 day moving average is $4.89 and its 200 day moving average is $2.13. The company has a market capitalization of $2.16 billion, a PE ratio of -62.62 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $0.18 million for the quarter.

Institutional Trading of Quantum Computing

Several institutional investors and hedge funds have recently bought and sold shares of QUBT. Virtu Financial LLC boosted its position 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 valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Quantum Computing in the 3rd quarter valued at $46,000. Finally, Geode Capital Management LLC raised its position in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares during the period. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.