Quantum Computing (NASDAQ:QUBT) Shares Gap Up - Time to Buy?

Quantum Computing Inc. (NASDAQ:QUBT - Get Free Report)'s stock price 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 Analyst Weigh In

Separately, Ascendiant Capital Markets raised their price target 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's 50 day simple moving average is $12.08 and its 200-day simple moving average is $5.66. The firm has a market cap of $890.27 million, a price-to-earnings ratio of -22.38 and a beta of 2.75.

Hedge Funds Weigh In On Quantum Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing in the fourth quarter valued at about $69,613,000. Anson Funds Management LP purchased a new position in Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. lifted its stake 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 acquiring an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in Quantum Computing during the 4th quarter valued at approximately $13,953,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Quantum Computing in the 4th quarter valued at $11,750,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

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.