Quantum Computing (NASDAQ:QUBT) Stock Price Up 9.2% - Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report) traded up 9.2% during trading on Monday . The company traded as high as $8.85 and last traded at $7.93. 33,811,573 shares were traded during mid-day trading, a decline of 42% from the average session volume of 57,947,916 shares. The stock had previously closed at $7.26.

Wall Street Analyst Weigh In

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

Quantum Computing Stock Performance

The stock has a 50 day moving average of $2.60 and a two-hundred day moving average of $1.33. The firm has a market capitalization of $810.60 million, a P/E ratio of -27.34 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $0.18 million for the quarter.

Institutional Investors Weigh In On Quantum Computing

Several hedge funds have recently made changes to their positions in the stock. TRUE Private Wealth Advisors increased its position in shares of Quantum Computing by 318.1% during the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company's stock valued at $33,000 after purchasing an additional 50,000 shares during the period. Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company's stock worth $40,000 after buying an additional 47,880 shares during the period. XTX Topco Ltd bought a new position in shares of Quantum Computing during the 3rd quarter worth approximately $46,000. Finally, Geode Capital Management LLC grew its position in 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 acquiring an additional 65,486 shares during the period. 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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