Quantum Computing (NASDAQ:QUBT) Shares Up 9.3% – Here’s What Happened

Shares of Quantum Computing Inc. (NASDAQ:QUBT) traded up 9.3% during mid-day trading on Tuesday . The stock traded as high as $11.20 and last traded at $10.74. 20,839,607 shares traded hands during trading, a decline of 58% from the average session volume of 49,300,105 shares. The stock had previously closed at $9.83.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets upped their target price 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 firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of -38.34 and a beta of 2.83. The business has a fifty day moving average price of $10.90 and a 200 day moving average price of $4.32.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.06) earnings per share for the quarter. The firm had revenue of $0.10 million during the quarter.

Institutional Trading of Quantum Computing

Several large investors have recently added to or reduced their stakes in QUBT. Virtu Financial LLC increased its stake 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 buying an additional 47,880 shares during the period. XTX Topco Ltd purchased a new position in Quantum Computing in the third quarter valued at about $46,000. Flagship Harbor Advisors LLC acquired a new stake in Quantum Computing during the 4th quarter valued at approximately $199,000. Sovereign Financial Group Inc. purchased a new stake in Quantum Computing during the 4th quarter worth approximately $209,000. Finally, Diversify Wealth Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at approximately $331,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.