Quantum Computing (NASDAQ:QUBT) Shares Up 0.2% - What's Next?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) was up 0.2% during trading on Friday . The stock traded as high as $6.53 and last traded at $6.37. Approximately 5,881,448 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 6,401,294 shares. The stock had previously closed at $6.36.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a "buy" rating in a research report on Wednesday, November 13th.

Quantum Computing Price Performance

The stock has a 50-day simple moving average of $3.11 and a 200 day simple moving average of $1.50. The company has a market capitalization of $677.72 million, a PE ratio of -21.97 and a beta of 3.11.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly 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 company had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently made changes to their positions in QUBT. 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 valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. XTX Topco Ltd purchased a new position in Quantum Computing in the third quarter valued at about $46,000. Finally, Virtu Financial LLC raised its position in shares of Quantum Computing by 377.7% in 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 during the period. Hedge funds and other institutional investors own 4.26% of the company's stock.

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.

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