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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Wednesday . The stock had previously closed at $4.73, but opened at $5.01. Quantum Computing shares last traded at $4.96, with a volume of 2,347,581 shares trading hands.

Wall Street Analyst Weigh In

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

Quantum Computing Price Performance

The business has a fifty day moving average price of $9.29 and a two-hundred day moving average price of $6.04. The firm has a market cap of $730.60 million, a PE ratio of -18.50 and a beta of 3.26.

Hedge Funds Weigh In On Quantum Computing

A number of large investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. purchased a new position in Quantum Computing during the fourth quarter valued at approximately $69,613,000. Anson Funds Management LP acquired a new position in Quantum Computing in the 4th quarter worth about $70,006,000. Vanguard Group Inc. raised its stake in shares of Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $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 valued at about $13,953,000. Finally, Geode Capital Management LLC increased its holdings in Quantum Computing by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after buying an additional 75,380 shares during the last quarter. Institutional investors and hedge funds 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.