Quantum Computing (NASDAQ:QUBT) Trading Up 18.7% - Here's Why

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price shot up 18.7% during mid-day trading on Friday . The stock traded as high as $8.73 and last traded at $8.62. 15,347,892 shares traded hands during trading, an increase of 156% from the average session volume of 6,001,798 shares. The stock had previously closed at $7.26.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets increased their price target 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 Trading Up 13.6 %

The firm has a market capitalization of $843.32 million, a P/E ratio of -29.72 and a beta of 3.11. The stock has a 50-day simple moving average of $2.46 and a two-hundred day simple moving average of $1.28.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. TRUE Private Wealth Advisors raised its stake in Quantum Computing by 318.1% in the second quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company's stock valued at $33,000 after buying an additional 50,000 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 10.5% during 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 in the last quarter. XTX Topco Ltd purchased a new position in shares of Quantum Computing in the 3rd quarter valued at approximately $46,000. Finally, Virtu Financial LLC grew its position in 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 purchasing an additional 47,880 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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