Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $17.62, but opened at $19.84. Quantum Computing shares last traded at $17.16, with a volume of 27,375,825 shares traded.

Analyst Ratings Changes

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

Quantum Computing Trading Down 6.0 %

The business’s 50-day simple moving average is $5.56 and its 200 day simple moving average is $2.37. The company has a market capitalization of $2.03 billion, a P/E ratio of -58.93 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $0.18 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Virtu Financial LLC lifted its holdings in Quantum Computing by 377.7% in the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after acquiring an additional 47,880 shares during the last quarter. Geode Capital Management LLC lifted its stake in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in Quantum Computing during the third quarter worth approximately $46,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.