Quantum Computing (NASDAQ:QUBT) Shares Up 6.4% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT) traded up 6.4% during mid-day trading on Tuesday . The company traded as high as $8.05 and last traded at $6.94. 20,423,091 shares were traded during trading, a decline of 43% from the average session volume of 35,584,023 shares. The stock had previously closed at $6.52.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their price target on Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Price Performance

The stock has a market capitalization of $882.10 million, a PE ratio of -23.59 and a beta of 2.83. The company has a 50-day moving average of $9.53 and a two-hundred day moving average of $3.82.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Virtu Financial LLC increased its position in Quantum Computing by 377.7% during 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 purchased a new position in shares of Quantum Computing in the 3rd quarter worth $46,000. Geode Capital Management LLC grew its position in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares during the period. Finally, Sovereign Financial Group Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $209,000. 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.