Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) saw strong trading volume on Monday . 17,492,854 shares changed hands during trading, a decline of 9% from the previous session’s volume of 19,205,738 shares.The stock last traded at $19.90 and had previously closed at $17.50.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets raised their price target 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 firm has a market cap of $2.31 billion, a PE ratio of -61.72 and a beta of 2.83. The stock has a 50 day simple moving average of $8.25 and a two-hundred day simple moving average of $3.34.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. XTX Topco Ltd acquired a new position in Quantum Computing in the 3rd quarter worth about $46,000. Geode Capital Management LLC lifted its position in shares of Quantum Computing by 10.5% during 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 in the last quarter. Finally, Virtu Financial LLC lifted 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 buying an additional 47,880 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

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.