Quantum Computing (NASDAQ:QUBT) Stock Price Up 5.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 5.4% on Tuesday . The stock traded as high as $8.46 and last traded at $8.46. 29,106,233 shares traded hands during mid-day trading, an increase of 93% from the average session volume of 15,063,114 shares. The stock had previously closed at $8.02.

Quantum Computing Stock Up 6.2 %

The firm has a market cap of $1.17 billion, a PE ratio of -29.48 and a beta of 3.26. The company’s fifty day moving average price is $8.39 and its two-hundred day moving average price is $6.20.

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new stake in shares of Quantum Computing in the fourth quarter valued at about $69,613,000. Anson Funds Management LP acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $70,006,000. Vanguard Group Inc. lifted its stake in shares of Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after purchasing an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of Quantum Computing in the fourth quarter valued at about $13,953,000. Finally, Geode Capital Management LLC lifted its stake in shares of Quantum Computing by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock valued at $12,627,000 after purchasing an additional 75,380 shares during the period. Hedge funds and other 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.