Quantum Computing (NASDAQ:QUBT) Stock Price Up 19.6% – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 19.6% during trading on Monday . The company traded as high as $8.57 and last traded at $8.48. Approximately 44,944,208 shares were traded during mid-day trading, an increase of 202% from the average daily volume of 14,870,732 shares. The stock had previously closed at $7.09.

Quantum Computing Stock Performance

The firm has a market cap of $1.18 billion, a PE ratio of -29.76 and a beta of 3.26. The stock’s 50 day simple moving average is $8.22 and its 200 day simple moving average is $6.26.

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of QUBT. Alyeska Investment Group L.P. purchased a new position in Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing in the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. grew its stake in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $13,953,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $11,750,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

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.