Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $11.49, but opened at $12.08. Quantum Computing shares last traded at $11.58, with a volume of 10,764,650 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Quantum Computing Trading Up 0.7 %

The firm has a market capitalization of $1.49 billion, a PE ratio of -39.91 and a beta of 2.83. The firm has a 50 day simple moving average of $10.59 and a 200 day simple moving average of $4.22.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) EPS for the quarter. The company had revenue of $0.10 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC purchased a new position in shares of Quantum Computing in the 4th quarter worth $199,000. Veracity Capital LLC bought a new stake in shares of Quantum Computing during the 4th quarter valued at $343,000. Janney Montgomery Scott LLC bought a new position in Quantum Computing in the 4th quarter worth $786,000. SG Americas Securities LLC purchased a new position in Quantum Computing during the fourth quarter valued at $626,000. Finally, Diversify Wealth Management LLC bought a new stake in Quantum Computing during the fourth quarter valued at about $331,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Company Profile

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.