Quantum Computing (NASDAQ:QUBT) Shares Up 2.2% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares rose 2.2% on Thursday . The company traded as high as $8.47 and last traded at $8.45. Approximately 4,689,934 shares traded hands during trading, a decline of 85% from the average daily volume of 31,516,100 shares. The stock had previously closed at $8.26.

Wall Street Analyst Weigh In

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

Quantum Computing Price Performance

The firm has a fifty day moving average of $12.08 and a two-hundred day moving average of $5.30. The stock has a market capitalization of $1.09 billion, a P/E ratio of -27.41 and a beta of 2.75.

Institutional Investors Weigh In On Quantum Computing

Several large investors have recently modified their holdings of QUBT. Vanguard Group Inc. raised its stake in Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after buying an additional 1,906,749 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Quantum Computing during the fourth quarter worth $13,953,000. CIBC Private Wealth Group LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth $11,750,000. UNICOM Systems Inc. purchased a new stake in shares of Quantum Computing during the 4th quarter worth $5,707,000. Finally, Mission Wealth Management LP purchased a new stake in shares of Quantum Computing during the 4th quarter worth $1,986,000. Institutional investors 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.