Quantum Computing (NASDAQ:QUBT) Sees Strong Trading Volume – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw an uptick in trading volume on Tuesday . 13,204,881 shares were traded during trading, an increase of 36% from the previous session’s volume of 9,738,352 shares.The stock last traded at $16.86 and had previously closed at $18.19.

Analyst Ratings Changes

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 research note on Wednesday, November 13th.

Quantum Computing Stock Performance

The company has a 50 day moving average of $5.24 and a two-hundred day moving average of $2.26. The stock has a market cap of $2.00 billion, a PE ratio of -58.10 and a beta of 3.07.

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, topping 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

Hedge funds and other institutional investors have recently modified their holdings of the company. Virtu Financial LLC raised its stake 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 in the last quarter. XTX Topco Ltd acquired a new position in Quantum Computing during the third quarter worth $46,000. Finally, Geode Capital Management LLC raised 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 worth $449,000 after acquiring an additional 65,486 shares in the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.