Quantum Computing (NASDAQ:QUBT) Shares Up 19.1% - What's Next?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s share price was up 19.1% during mid-day trading on Wednesday . The stock traded as high as $24.20 and last traded at $20.00. Approximately 101,383,401 shares traded hands during trading, an increase of 1,165% from the average daily volume of 8,015,435 shares. The stock had previously closed at $16.79.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their target price 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 Trading Up 52.9 %

The company's 50-day simple moving average is $3.76 and its 200 day simple moving average is $1.74. The stock has a market cap of $2.62 billion, a P/E ratio of -88.55 and a beta of 3.11.

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

Institutional Investors Weigh In On Quantum Computing

Large investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new stake in Quantum Computing during the third quarter worth about $46,000. Geode Capital Management LLC boosted its stake 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 last quarter. Finally, Virtu Financial LLC grew 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 valued at $40,000 after acquiring an additional 47,880 shares during the period. 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.