Quantum Computing (NASDAQ:QUBT) Stock Price Up 10.1% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) was up 10.1% on Friday . The stock traded as high as $12.47 and last traded at $12.24. Approximately 16,606,218 shares were traded during trading, a decline of 64% from the average daily volume of 45,679,043 shares. The stock had previously closed at $11.12.

Wall Street Analysts Forecast Growth

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

Quantum Computing Stock Performance

The business’s fifty day moving average is $11.05 and its 200-day moving average is $4.42. The firm has a market cap of $1.41 billion, a P/E ratio of -37.69 and a beta of 2.83.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new stake in shares of Quantum Computing in the third quarter valued at about $46,000. Geode Capital Management LLC boosted its holdings in Quantum Computing by 10.5% in 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 last quarter. Virtu Financial LLC boosted its holdings in 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 acquiring an additional 47,880 shares during the last quarter. Sovereign Financial Group Inc. acquired a new stake in Quantum Computing during the 4th quarter valued at approximately $209,000. Finally, Diversify Wealth Management LLC bought a new position in Quantum Computing during the 4th quarter worth approximately $331,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.