Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Friday . The stock had previously closed at $4.76, but opened at $5.03. Quantum Computing shares last traded at $5.02, with a volume of 36,191,750 shares changing hands.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Performance

The company’s fifty day moving average price is $1.35 and its 200-day moving average price is $0.90. The stock has a market cap of $623.54 million, a P/E ratio of -21.03 and a beta of 1.64.

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

Hedge Funds Weigh In On Quantum Computing

Several hedge funds have recently bought and sold shares of QUBT. Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% during the third 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. TRUE Private Wealth Advisors increased its stake 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 period. XTX Topco Ltd bought a new stake in Quantum Computing during the 3rd quarter valued at about $46,000. PEAK6 Investments LLC purchased a new stake in Quantum Computing in the 1st quarter valued at about $129,000. Finally, Geode Capital Management LLC grew 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 acquiring an additional 65,486 shares in 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.