Quantum Computing Inc. (NASDAQ:QUBT) Short Interest Up 29.8% in January

Quantum Computing Inc. (NASDAQ:QUBT) was the recipient of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 25,140,000 shares, an increase of 29.8% from the January 15th total of 19,370,000 shares. Approximately 23.0% of the company’s shares are sold short. Based on an average daily trading volume, of 49,110,000 shares, the days-to-cover ratio is currently 0.5 days.

Quantum Computing Stock Down 4.0 %

NASDAQ:QUBT traded down $0.33 during midday trading on Friday, hitting $7.95. The stock had a trading volume of 12,497,404 shares, compared to its average volume of 32,462,944. Quantum Computing has a one year low of $0.35 and a one year high of $27.15. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -27.41 and a beta of 2.75. The stock has a 50-day moving average of $12.08 and a 200 day moving average of $5.33.

Institutional Trading of Quantum Computing

A number of hedge funds have recently bought and sold shares of QUBT. Vanguard Group Inc. lifted its holdings in Quantum Computing by 83.6% during the fourth 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 during the period. Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing during the fourth quarter worth $13,953,000. CIBC Private Wealth Group LLC purchased a new stake in Quantum Computing during the fourth quarter worth $11,750,000. UNICOM Systems Inc. purchased a new stake in Quantum Computing during the fourth quarter worth $5,707,000. Finally, Mission Wealth Management LP purchased a new stake in Quantum Computing during the fourth quarter worth $1,986,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.