Quantum Computing (NASDAQ:QUBT) Trading Up 3.1% – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price traded up 3.1% during trading on Thursday . The stock traded as high as $17.34 and last traded at $17.07. 8,062,776 shares changed hands during trading, a decline of 21% from the average session volume of 10,154,294 shares. The stock had previously closed at $16.55.

Wall Street Analysts Forecast Growth

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

Quantum Computing Trading Up 4.2 %

The company has a market cap of $2.22 billion, a PE ratio of -59.48 and a beta of 3.07. The business has a fifty day simple moving average of $7.57 and a two-hundred day simple moving average of $3.08.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QUBT. Virtu Financial LLC grew its position 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 valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. Geode Capital Management LLC boosted its stake in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Quantum Computing in the 3rd quarter valued at $46,000. 4.26% of the stock is owned by hedge funds and other institutional investors.

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.