Quantum Computing (NASDAQ:QUBT) Stock Price Up 2.3% – Should You Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price shot up 2.3% during trading on Friday . The company traded as high as $5.18 and last traded at $4.98. 3,064,004 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 24,919,229 shares. The stock had previously closed at $4.87.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets boosted their target price on shares of 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 Price Performance

The firm has a market capitalization of $693.42 million, a price-to-earnings ratio of -17.33 and a beta of 3.26. The stock’s 50 day moving average price is $10.07 and its two-hundred day moving average price is $5.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing in the fourth quarter valued at $70,006,000. Vanguard Group Inc. boosted its stake in shares of Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after purchasing an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of Quantum Computing during the 4th quarter worth about $13,953,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Quantum Computing during the fourth quarter worth about $11,750,000. 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.