Quantum Computing (NASDAQ:QUBT) Sees Large Volume Increase - Here's Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) saw an uptick in trading volume on Wednesday . 32,599,659 shares traded hands during mid-day trading, a decline of 11% from the previous session's volume of 36,618,219 shares.The stock last traded at $10.35 and had previously closed at $7.43.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets upped their price objective 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 Up 55.5 %

The company's fifty day simple moving average is $9.66 and its 200 day simple moving average is $3.86. The firm has a market capitalization of $1.49 billion, a PE ratio of -39.83 and a beta of 2.83.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in the company. Sovereign Financial Group Inc. purchased a new position in Quantum Computing during the fourth quarter valued at $209,000. Virtu Financial LLC increased its stake in shares of Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock worth $40,000 after acquiring an additional 47,880 shares in the last quarter. XTX Topco Ltd purchased a new position in Quantum Computing during the 3rd quarter valued at about $46,000. Finally, Geode Capital Management LLC lifted 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 valued at $449,000 after acquiring an additional 65,486 shares during the period. 4.26% of the stock is currently 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.