Quantum Computing (NASDAQ:QUBT) Shares Up 2.5% – Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT) rose 2.5% during mid-day trading on Thursday . The company traded as high as $8.55 and last traded at $8.16. Approximately 9,195,917 shares traded hands during trading, a decline of 69% from the average daily volume of 29,734,504 shares. The stock had previously closed at $7.96.

Analyst Upgrades and Downgrades

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

Quantum Computing Price Performance

The company has a market cap of $1.03 billion, a P/E ratio of -25.83 and a beta of 2.75. The business’s 50 day moving average price is $12.17 and its 200-day moving average price is $5.54.

Hedge Funds Weigh In On Quantum Computing

Several institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC acquired a new stake in shares of Quantum Computing in the fourth quarter valued at $30,000. IFP Advisors Inc bought a new stake in Quantum Computing during the 4th quarter worth about $33,000. Farther Finance Advisors LLC acquired a new stake in Quantum Computing in the 4th quarter valued at about $33,000. Archer Investment Corp bought a new position in shares of Quantum Computing in the fourth quarter worth about $33,000. Finally, Hollencrest Capital Management bought a new position in shares of Quantum Computing in the fourth quarter worth about $41,000. 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.