Quantum Computing (NASDAQ:QUBT) Trading Up 19.7% – Time to Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 19.7% during trading on Friday . The company traded as high as $18.60 and last traded at $18.12. Approximately 63,940,445 shares traded hands during mid-day trading, an increase of 592% from the average daily volume of 9,234,355 shares. The stock had previously closed at $15.14.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets upped 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 Price Performance

The stock has a 50 day moving average price of $4.26 and a 200-day moving average price of $1.91. The stock has a market capitalization of $1.83 billion, a P/E ratio of -61.66 and a beta of 3.11.

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

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC increased its holdings in shares of Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Quantum Computing in the 3rd quarter valued at about $46,000. Finally, Geode Capital Management LLC grew its position in Quantum Computing by 10.5% in the third 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 in the last quarter. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

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.