Quantum Computing (NASDAQ:QUBT) Trading Up 7.2% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 7.2% during trading on Monday . The stock traded as high as $19.95 and last traded at $18.88. Approximately 36,343,319 shares were traded during trading, an increase of 278% from the average daily volume of 9,624,486 shares. The stock had previously closed at $17.62.

Analysts Set New Price Targets

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

Quantum Computing Price Performance

The firm has a 50-day moving average of $5.56 and a 200 day moving average of $2.37. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -58.93 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last announced 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 company had revenue of $0.18 million for the quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC increased its position in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after buying an additional 47,880 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Quantum Computing during the 3rd quarter worth approximately $46,000. Finally, Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after acquiring an additional 65,486 shares during the last quarter. 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.