Quantum Computing (NASDAQ:QUBT) Stock Price Up 2.5% – Time to Buy?

Shares of Quantum Computing Inc. (NASDAQ:QUBT) were up 2.5% during trading on Thursday . The company traded as high as $8.55 and last traded at $8.16. Approximately 9,195,917 shares were traded during trading, a decline of 69% from the average daily volume of 29,734,504 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their price target 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 company has a market cap of $1.13 billion, a price-to-earnings ratio of -28.31 and a beta of 2.75. The company’s 50 day moving average price is $12.12 and its 200-day moving average price is $5.48.

Hedge Funds Weigh In On Quantum Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Two Sigma Investments LP purchased a new stake in shares of Quantum Computing in the fourth quarter valued at $657,000. Toronto Dominion Bank purchased a new stake in Quantum Computing in the 4th quarter worth about $3,509,000. OMERS ADMINISTRATION Corp purchased a new stake in Quantum Computing in the 4th quarter worth about $319,000. Millennium Management LLC acquired a new stake in Quantum Computing during the 4th quarter worth about $2,772,000. Finally, Cetera Investment Advisers purchased a new position in Quantum Computing during the 4th quarter valued at about $584,000. 4.26% of the stock is currently owned by hedge funds and other 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.