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

Shares of Quantum Computing Inc. (NASDAQ:QUBT) gapped up before the market opened on Thursday . The stock had previously closed at $7.96, but opened at $8.52. Quantum Computing shares last traded at $8.00, with a volume of 7,424,895 shares trading hands.

Wall Street Analysts Forecast Growth

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

Quantum Computing Price Performance

The company has a market cap of $1.03 billion, a price-to-earnings ratio of -25.83 and a beta of 2.75. The business has a 50 day simple moving average of $12.17 and a 200 day simple moving average of $5.54.

Institutional Trading of Quantum Computing

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $69,613,000. Anson Funds Management LP acquired a new stake in Quantum Computing in the fourth quarter worth about $70,006,000. Vanguard Group Inc. lifted its position 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 purchasing an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. bought a new position in shares of Quantum Computing in the 4th quarter valued at about $13,953,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Quantum Computing during the 4th quarter worth approximately $11,750,000. 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.