Quantum Computing (NASDAQ:QUBT) Price Target Raised to $8.50 at Ascendiant Capital Markets

Quantum Computing (NASDAQ:QUBT) had its price target raised by Ascendiant Capital Markets from $8.25 to $8.50 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Quantum Computing Stock Performance

Shares of QUBT opened at $2.66 on Wednesday. The company has a market capitalization of $263.57 million, a price-to-earnings ratio of -9.17 and a beta of 1.64. The company’s 50 day simple moving average is $0.90 and its 200 day simple moving average is $0.75. Quantum Computing has a 1 year low of $0.35 and a 1 year high of $3.42.

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, beating the consensus estimate of ($0.08) by $0.02. The firm had revenue of $0.18 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently bought and sold shares of QUBT. Virtu Financial LLC increased its position in shares of Quantum Computing by 17.7% in the first quarter. Virtu Financial LLC now owns 95,425 shares of the company’s stock worth $94,000 after acquiring an additional 14,326 shares in the last quarter. TRUE Private Wealth Advisors lifted its position in shares of Quantum Computing by 318.1% in the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after buying an additional 50,000 shares during the last quarter. Finally, PEAK6 Investments LLC bought a new position in shares of Quantum Computing in the 1st quarter worth about $129,000. Hedge funds and other 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.