Quantum Computing (NASDAQ:QUBT) Shares Up 2.5% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 2.5% during mid-day trading on Thursday . The stock traded as high as $8.55 and last traded at $8.16. Approximately 9,195,917 shares were traded during trading, a decline of 69% from the average daily volume of 29,734,504 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

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

Quantum Computing Stock Performance

The company has a market cap of $1.03 billion, a P/E ratio of -25.83 and a beta of 2.75. The stock has a 50-day simple moving average of $12.17 and a 200 day simple moving average of $5.54.

Institutional Investors Weigh In On Quantum Computing

Institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC bought a new position in shares of Quantum Computing during the 4th quarter worth about $30,000. Archer Investment Corp acquired a new position in Quantum Computing in the fourth quarter worth about $33,000. IFP Advisors Inc bought a new position in Quantum Computing during the fourth quarter worth about $33,000. Farther Finance Advisors LLC acquired a new stake in Quantum Computing during the fourth quarter valued at approximately $33,000. Finally, Virtu Financial LLC grew its stake in shares of 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 during the period. Institutional investors and hedge funds 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.