Quantum Computing (NASDAQ:QUBT) Stock Price Up 19.6% – Still a Buy?

Quantum Computing Inc. (NASDAQ:QUBT) shares were up 19.6% on Monday . The company traded as high as $8.57 and last traded at $8.48. Approximately 44,944,208 shares were traded during mid-day trading, an increase of 202% from the average daily volume of 14,870,732 shares. The stock had previously closed at $7.09.

Quantum Computing Trading Up 7.6 %

The stock has a market capitalization of $1.18 billion, a P/E ratio of -29.76 and a beta of 3.26. The stock’s fifty day moving average price is $8.22 and its two-hundred day moving average price is $6.26.

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds have recently made changes to their positions in QUBT. Alyeska Investment Group L.P. bought a new stake in shares of Quantum Computing in the 4th quarter worth approximately $69,613,000. Anson Funds Management LP bought a new stake in Quantum Computing during the 4th quarter valued at $70,006,000. Vanguard Group Inc. raised its holdings in Quantum Computing by 83.6% during the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock valued at $69,290,000 after buying an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in Quantum Computing during the 4th quarter valued at $13,953,000. Finally, CIBC Private Wealth Group LLC bought a new stake in Quantum Computing during the 4th quarter valued at $11,750,000. 4.26% of the stock is currently owned by institutional investors.

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.