Quantum Computing (NASDAQ:QUBT) Trading Up 10.1% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares were up 10.1% during trading on Friday . The stock traded as high as $12.47 and last traded at $12.24. Approximately 16,606,218 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 45,679,043 shares. The stock had previously closed at $11.12.

Analysts Set New Price Targets

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

Quantum Computing Stock Performance

The firm’s 50-day moving average is $10.90 and its 200 day moving average is $4.32. The firm has a market capitalization of $1.45 billion, a P/E ratio of -38.95 and a beta of 2.83.

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

Institutional Trading of Quantum Computing

Several hedge funds and other institutional investors have recently modified their holdings of QUBT. Virtu Financial LLC boosted its holdings 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 during the period. XTX Topco Ltd bought a new stake in shares of Quantum Computing during the 3rd quarter worth about $46,000. Flagship Harbor Advisors LLC bought a new stake in shares of Quantum Computing during the 4th quarter worth about $199,000. Sovereign Financial Group Inc. bought a new stake in shares of Quantum Computing during the 4th quarter worth about $209,000. Finally, Diversify Wealth Management LLC bought a new stake in shares of Quantum Computing during the 4th quarter worth about $331,000. Institutional investors own 4.26% of the company’s stock.

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.