Quantum Computing (NASDAQ:QUBT) Trading Up 2.5% – What’s Next?

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

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 stock a “buy” rating in a research note on Wednesday, November 13th.

Quantum Computing Stock Performance

The company has a 50 day moving average price of $12.12 and a 200 day moving average price of $5.48. The company has a market capitalization of $1.13 billion, a PE ratio of -28.31 and a beta of 2.75.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. UNICOM Systems Inc. bought a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $5,707,000. SG Americas Securities LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $626,000. Virtu Financial LLC boosted its position in Quantum Computing by 377.7% during 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. Janney Montgomery Scott LLC bought a new position in Quantum Computing during the 4th quarter worth $786,000. Finally, Heck Capital Advisors LLC bought a new position in Quantum Computing during the 4th quarter worth $1,255,000. 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.