Quantum Computing (NASDAQ:QUBT) Shares Up 26.1% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) rose 26.1% during mid-day trading on Monday . The stock traded as high as $8.54 and last traded at $8.46. Approximately 20,887,382 shares were traded during trading, an increase of 221% from the average daily volume of 6,503,086 shares. The stock had previously closed at $6.71.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets increased their price target 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 Stock Performance

The company has a market capitalization of $1.13 billion, a P/E ratio of -38.21 and a beta of 3.11. The stock has a fifty day moving average of $3.44 and a 200 day moving average of $1.62.

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

Institutional Trading of Quantum Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of 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 buying an additional 65,486 shares in the last quarter. XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter valued at about $46,000. Finally, Virtu Financial LLC lifted 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 acquiring an additional 47,880 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other 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.