Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $6.71, but opened at $7.10. Quantum Computing shares last traded at $7.78, with a volume of 9,559,687 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets lifted their target price on 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 Trading Up 51.5 %

The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -57.90 and a beta of 3.11. The stock has a 50-day simple moving average of $3.44 and a 200-day simple moving average of $1.62.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Virtu Financial LLC lifted its stake in Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Quantum Computing during the third quarter worth $46,000. Finally, Geode Capital Management LLC lifted its position in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after buying an additional 65,486 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.