Quantum Computing (NASDAQ:QUBT) Stock Price Up 1.3% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 1.3% during mid-day trading on Tuesday . The company traded as high as $7.95 and last traded at $7.57. 7,612,941 shares changed hands during trading, an increase of 23% from the average session volume of 6,167,203 shares. The stock had previously closed at $7.47.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Performance

The business has a 50-day moving average of $3.00 and a 200-day moving average of $1.46. The stock has a market capitalization of $654.21 million, a price-to-earnings ratio of -22.07 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $0.18 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC grew its position in 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 acquiring an additional 47,880 shares in the last quarter. Geode Capital Management LLC grew its position in Quantum Computing by 10.5% in the 3rd 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 in the last quarter. Finally, XTX Topco Ltd acquired a new position in Quantum Computing in the 3rd quarter valued at about $46,000. 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.