Quantum Computing (NASDAQ:QUBT) Shares Gap Up – Here’s Why

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped up prior to trading on Wednesday . The stock had previously closed at $11.49, but opened at $12.08. Quantum Computing shares last traded at $11.58, with a volume of 10,764,650 shares changing hands.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets increased their target price on Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Quantum Computing Stock Performance

The stock has a fifty day simple moving average of $10.90 and a 200-day simple moving average of $4.32.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $0.10 million for the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC increased its holdings in Quantum Computing by 377.7% during the 3rd quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock valued at $40,000 after purchasing an additional 47,880 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Quantum Computing during the third quarter worth $46,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Quantum Computing in the fourth quarter valued at $199,000. Sovereign Financial Group Inc. bought a new position in shares of Quantum Computing in the fourth quarter valued at about $209,000. Finally, Diversify Wealth Management LLC bought a new position in shares of Quantum Computing in the fourth quarter valued at about $331,000. 4.26% of the stock is owned by institutional investors and hedge funds.

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.