Quantum Computing (NASDAQ:QUBT) Trading 9.3% Higher - Should You Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded up 9.3% during trading on Wednesday . The stock traded as high as $7.06 and last traded at $7.09. 3,086,478 shares traded hands during trading, a decline of 89% from the average session volume of 27,883,809 shares. The stock had previously closed at $6.49.

Analysts Set New Price Targets

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

Quantum Computing Trading Down 1.8 %

The firm has a market cap of $832.66 million, a PE ratio of -20.93 and a beta of 2.75. The company's 50-day moving average is $11.09 and its 200 day moving average is $5.78.

Institutional Investors Weigh In On Quantum Computing

Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $30,000. IFP Advisors Inc purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $33,000. Farther Finance Advisors LLC purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $33,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $33,000. Finally, Hollencrest Capital Management purchased a new stake in Quantum Computing in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

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.