Quantum Computing Inc. (NASDAQ:QUBT) Sees Large Increase in Short Interest

Quantum Computing Inc. (NASDAQ:QUBT) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 11,910,000 shares, a growth of 173.2% from the October 31st total of 4,360,000 shares. Based on an average daily volume of 16,220,000 shares, the short-interest ratio is presently 0.7 days. Currently, 13.8% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $8.25 to $8.50 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QUBT. TRUE Private Wealth Advisors lifted its stake in shares of Quantum Computing by 318.1% in the 2nd quarter. TRUE Private Wealth Advisors now owns 65,718 shares of the company’s stock valued at $33,000 after purchasing an additional 50,000 shares during the last quarter. Virtu Financial LLC lifted its position in Quantum Computing by 377.7% in the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after buying an additional 47,880 shares during the last quarter. XTX Topco Ltd bought a new stake in Quantum Computing in the third quarter worth $46,000. PEAK6 Investments LLC bought a new position in Quantum Computing during the first quarter valued at $129,000. Finally, Geode Capital Management LLC increased its position in Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after acquiring an additional 65,486 shares during the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Quantum Computing Stock Performance

NASDAQ QUBT opened at $6.75 on Thursday. The stock has a 50 day moving average price of $1.61 and a 200-day moving average price of $0.99. Quantum Computing has a one year low of $0.35 and a one year high of $9.20. The company has a market capitalization of $689.99 million, a P/E ratio of -21.14 and a beta of 1.64.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The business had revenue of $0.18 million for the quarter.

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.