Quantum Computing (NASDAQ:QUBT) Stock Price Up 5.4% – Here’s Why

Quantum Computing Inc. (NASDAQ:QUBT)’s stock price rose 5.4% during trading on Tuesday . The stock traded as high as $8.46 and last traded at $8.46. Approximately 29,106,233 shares traded hands during trading, an increase of 93% from the average daily volume of 15,063,114 shares. The stock had previously closed at $8.02.

Quantum Computing Trading Up 6.2 %

The company’s 50 day moving average is $8.39 and its 200 day moving average is $6.20. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of -29.48 and a beta of 3.26.

Institutional Investors Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. purchased a new position in Quantum Computing during the 4th quarter worth $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing during the 4th quarter worth $70,006,000. Vanguard Group Inc. grew its position in 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 during the last quarter. Rockefeller Capital Management L.P. purchased a new position in Quantum Computing during the 4th quarter worth $13,953,000. Finally, Geode Capital Management LLC grew its position in Quantum Computing by 11.0% during the 4th quarter. Geode Capital Management LLC now owns 762,588 shares of the company’s stock worth $12,627,000 after purchasing an additional 75,380 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

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.