Quantum Computing (NASDAQ:QUBT) Trading Up 10.1% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 10.1% on Friday . The company traded as high as $12.47 and last traded at $12.24. Approximately 16,606,218 shares changed hands during trading, a decline of 64% from the average daily volume of 45,679,043 shares. The stock had previously closed at $11.12.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their price target on shares of 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 fifty day moving average price is $10.90 and its two-hundred day moving average price is $4.32. The company has a market cap of $1.45 billion, a P/E ratio of -38.95 and a beta of 2.83.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $0.10 million for the quarter.

Hedge Funds Weigh In On Quantum Computing

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in Quantum Computing during the 4th quarter worth approximately $1,255,000. XTX Topco Ltd acquired a new position in Quantum Computing during the 3rd quarter worth approximately $46,000. Virtu Financial LLC increased its position in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new position in Quantum Computing in the 4th quarter valued at approximately $786,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.