Quantum Computing (NASDAQ:QUBT) Stock Price Up 1.3% - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price rose 1.3% during mid-day trading on Tuesday . The stock traded as high as $7.95 and last traded at $7.57. Approximately 7,612,941 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 6,167,203 shares. The stock had previously closed at $7.47.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets raised their target price 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 Price Performance

The business has a 50 day moving average of $2.74 and a 200 day moving average of $1.38. The company has a market cap of $823.89 million, a PE ratio of -27.76 and a beta of 3.07.

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

Institutional Trading of Quantum Computing

Hedge funds have recently modified their holdings of the business. Virtu Financial LLC boosted its stake in 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 purchasing an additional 47,880 shares in the last quarter. Geode Capital Management LLC boosted its stake in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company's stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. XTX Topco Ltd bought a new position in Quantum Computing in the 3rd quarter worth about $46,000. Finally, TRUE Private Wealth Advisors raised its position in Quantum Computing by 318.1% in the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company's stock worth $33,000 after buying an additional 50,000 shares during the last quarter. 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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