Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s What Happened

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $4.76, but opened at $5.03. Quantum Computing shares last traded at $5.02, with a volume of 36,191,750 shares traded.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lifted their target price on 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 stock has a market cap of $623.54 million, a P/E ratio of -21.03 and a beta of 1.64. The stock’s 50-day moving average is $1.35 and its two-hundred day moving average is $0.90.

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

Hedge Funds Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TRUE Private Wealth Advisors raised its holdings in shares of Quantum Computing by 318.1% during the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock worth $33,000 after acquiring an additional 50,000 shares in the last quarter. Virtu Financial LLC raised its stake in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new position in Quantum Computing during the third quarter valued at $46,000. PEAK6 Investments LLC purchased a new position in shares of Quantum Computing in the 1st quarter worth $129,000. Finally, Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% in the 3rd 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. 4.26% of the stock is owned by institutional investors.

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.