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

Quantum Computing Inc. (NASDAQ:QUBT)’s share price rose 9.3% during trading on Wednesday . The stock traded as high as $7.06 and last traded at $7.09. Approximately 3,086,478 shares traded hands during trading, a decline of 89% from the average daily volume of 27,883,809 shares. The stock had previously closed at $6.49.

Wall Street Analysts Forecast Growth

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 research note on Wednesday, November 13th.

Quantum Computing Price Performance

The business has a 50-day moving average of $11.88 and a 200-day moving average of $5.70. The company has a market capitalization of $927.72 million, a P/E ratio of -23.39 and a beta of 2.75.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing during the fourth quarter valued at $30,000. Archer Investment Corp purchased a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $33,000. IFP Advisors Inc acquired a new position in shares of Quantum Computing in the fourth quarter valued at approximately $33,000. Farther Finance Advisors LLC purchased a new position in Quantum Computing in the fourth quarter worth approximately $33,000. Finally, Virtu Financial LLC increased its stake in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares during the last quarter. Hedge funds and other 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.