Quantum Computing (NASDAQ:QUBT) Trading 5.4% Higher – Still a Buy?

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

Quantum Computing Price Performance

The business’s 50-day moving average is $8.19 and its two-hundred day moving average is $6.27. The firm has a market cap of $1.15 billion, a P/E ratio of -28.86 and a beta of 3.26.

Institutional Trading of Quantum Computing

Hedge funds have recently modified their holdings of the stock. XTX Topco Ltd acquired a new stake in Quantum Computing in the 3rd quarter worth about $46,000. Geode Capital Management LLC raised its stake in Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. Virtu Financial LLC raised its stake 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 in the last quarter. Sovereign Financial Group Inc. acquired a new stake in Quantum Computing in the 4th quarter worth about $209,000. Finally, Diversify Wealth Management LLC acquired a new stake in Quantum Computing in the 4th quarter worth about $331,000. Institutional investors and hedge funds 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.