Quantum Computing (NASDAQ:QUBT) Sees Unusually-High Trading Volume – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) saw an uptick in trading volume on Wednesday . 63,849,054 shares traded hands during trading, an increase of 716% from the previous session’s volume of 7,826,271 shares.The stock last traded at $22.56 and had previously closed at $16.79.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price objective on 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 Stock Performance

The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -52.21 and a beta of 3.11. The stock’s 50-day moving average price is $4.26 and its 200-day moving average price is $1.91.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of QUBT. Virtu Financial LLC lifted its holdings in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Quantum Computing during the third quarter valued at approximately $46,000. Finally, Geode Capital Management LLC grew its stake 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 acquiring an additional 65,486 shares during the period. Hedge funds and other institutional investors 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.