Quantum Computing Inc. (NASDAQ:QUBT) Sees Significant Increase in Short Interest

Quantum Computing Inc. (NASDAQ:QUBT) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 16,070,000 shares, an increase of 23.7% from the December 15th total of 12,990,000 shares. Based on an average daily volume of 39,790,000 shares, the days-to-cover ratio is currently 0.4 days. Approximately 15.9% of the shares of the company are short sold.

Quantum Computing Stock Down 9.7 %

Shares of NASDAQ:QUBT traded down $1.05 during trading on Friday, reaching $9.83. 41,307,107 shares of the company’s stock traded hands, compared to its average volume of 61,121,204. The firm has a market cap of $1.27 billion, a PE ratio of -33.90 and a beta of 2.83. Quantum Computing has a fifty-two week low of $0.35 and a fifty-two week high of $27.15. The company has a 50-day simple moving average of $10.22 and a 200-day simple moving average of $4.06.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets increased 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.

Institutional Trading of Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the business. Sovereign Financial Group Inc. purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $209,000. Diversify Wealth Management LLC purchased a new stake in Quantum Computing during the 4th quarter worth approximately $331,000. Veracity Capital LLC acquired a new position in shares of Quantum Computing during the fourth quarter valued at approximately $343,000. SG Americas Securities LLC purchased a new position in shares of Quantum Computing in the fourth quarter valued at approximately $626,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Quantum Computing in the fourth quarter worth approximately $786,000. 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.