Quantum Computing (NASDAQ:QUBT) Stock Price Up 36.3% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) rose 36.3% during trading on Wednesday . The stock traded as high as $11.58 and last traded at $10.13. Approximately 60,355,100 shares were traded during mid-day trading, an increase of 51% from the average daily volume of 39,961,281 shares. The stock had previously closed at $7.43.

Analyst Ratings Changes

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

Quantum Computing Stock Up 40.5 %

The stock has a market capitalization of $1.35 billion, a P/E ratio of -36.00 and a beta of 2.83. The firm has a 50-day moving average of $9.66 and a 200 day moving average of $3.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. XTX Topco Ltd bought a new position in shares of Quantum Computing during the third quarter valued at $46,000. Geode Capital Management LLC lifted 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 during the period. Virtu Financial LLC lifted its holdings 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 valued at $40,000 after acquiring an additional 47,880 shares during the period. Finally, Sovereign Financial Group Inc. bought a new position in shares of Quantum Computing during the fourth quarter valued at $209,000. 4.26% of the stock is owned by institutional investors.

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.