Quantum Computing (NASDAQ:QUBT) Stock Price Up 36.3% - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) shares traded up 36.3% during trading on Wednesday . The company traded as high as $11.58 and last traded at $10.13. 60,355,100 shares were traded during mid-day trading, an increase of 51% from the average session volume of 39,961,281 shares. The stock had previously closed at $7.43.

Analysts Set New Price Targets

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

Quantum Computing Stock Down 9.7 %

The firm has a 50 day simple moving average of $10.06 and a 200-day simple moving average of $3.97. The stock has a market cap of $1.27 billion, a P/E ratio of -33.90 and a beta of 2.83.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently added to or reduced their stakes in QUBT. Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% in the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. XTX Topco Ltd acquired a new position in Quantum Computing in the 3rd quarter valued at about $46,000. Virtu Financial LLC raised its holdings 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. Janney Montgomery Scott LLC acquired a new stake in Quantum Computing during the fourth quarter worth approximately $786,000. Finally, SG Americas Securities LLC acquired a new stake in Quantum Computing during the fourth quarter worth approximately $626,000. Institutional investors and hedge funds 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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