Quantum Computing (NASDAQ:QUBT) Trading 5.8% Higher - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price was up 5.8% during mid-day trading on Thursday . The company traded as high as $1.13 and last traded at $1.10. Approximately 1,871,011 shares changed hands during trading, an increase of 68% from the average daily volume of 1,116,255 shares. The stock had previously closed at $1.04.

Quantum Computing Stock Down 0.9 %

The stock's 50-day moving average price is $0.72 and its 200 day moving average price is $0.70. The firm has a market capitalization of $99.58 million, a price-to-earnings ratio of -3.52 and a beta of 1.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The business had revenue of $0.18 million during the quarter.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. Virtu Financial LLC increased its holdings in shares of Quantum Computing by 17.7% during the 1st quarter. Virtu Financial LLC now owns 95,425 shares of the company's stock worth $94,000 after buying an additional 14,326 shares during the last quarter. Independence Bank of Kentucky acquired a new stake in Quantum Computing during the first quarter worth $25,000. TRUE Private Wealth Advisors raised its position in Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company's stock valued at $33,000 after purchasing an additional 50,000 shares during the period. Finally, PEAK6 Investments LLC acquired a new position in shares of Quantum Computing in the 1st quarter valued at $129,000. 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.