Quantum Computing (NASDAQ:QUBT) Trading 19.1% Higher – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT)’s share price traded up 19.1% during trading on Wednesday . The company traded as high as $24.20 and last traded at $20.00. 101,383,401 shares were traded during trading, an increase of 1,165% from the average session volume of 8,015,435 shares. The stock had previously closed at $16.79.

Analysts Set New Price Targets

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

Quantum Computing Price Performance

The firm has a market capitalization of $2.45 billion, a P/E ratio of -82.66 and a beta of 3.11. The company has a fifty day moving average of $3.44 and a 200 day moving average of $1.62.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

A number of institutional investors and hedge funds have recently modified their holdings of the company. XTX Topco Ltd purchased a new stake in Quantum Computing in the third quarter valued at approximately $46,000. Geode Capital Management LLC raised its position 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 purchasing an additional 65,486 shares during the period. Finally, Virtu Financial LLC lifted its stake in shares of Quantum Computing by 377.7% in 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 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.