Quantum Computing (NASDAQ:QUBT) Sees Large Volume Increase – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) saw an uptick in trading volume on Tuesday . 13,204,881 shares traded hands during trading, an increase of 36% from the previous session’s volume of 9,738,352 shares.The stock last traded at $16.86 and had previously closed at $18.19.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Performance

The stock’s 50 day moving average price is $5.24 and its 200 day moving average price is $2.26. The company has a market capitalization of $2.00 billion, a P/E ratio of -58.10 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

Institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter valued at about $46,000. Geode Capital Management LLC lifted its position in Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 shares during the last quarter. Finally, Virtu Financial LLC raised its holdings in shares of Quantum Computing by 377.7% in 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 period. 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.