Quantum Computing (NASDAQ:QUBT) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) saw an uptick in trading volume on Wednesday . 63,849,054 shares changed hands during mid-day trading, an increase of 716% from the previous session’s volume of 7,826,271 shares.The stock last traded at $22.56 and had previously closed at $16.79.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets increased their target price on 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 Stock Performance

The business’s 50 day moving average price is $3.44 and its 200-day moving average price is $1.62. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -83.34 and a beta of 3.11.

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

Institutional Investors Weigh In On Quantum Computing

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC raised its position in Quantum Computing by 377.7% in the 3rd 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 bought a new position in Quantum Computing in the third quarter valued at approximately $46,000. Finally, Geode Capital Management LLC lifted its stake 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 valued at $449,000 after purchasing an additional 65,486 shares during the period. 4.26% of the stock is 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.