Quantum Computing Inc. (NASDAQ:QUBT) Short Interest Up 173.2% in November

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

Analyst Ratings Changes

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

Institutional Trading of Quantum Computing

A number of institutional investors and hedge funds have recently made changes to their positions in QUBT. PEAK6 Investments LLC acquired a new stake in Quantum Computing in the 1st quarter valued at approximately $129,000. TRUE Private Wealth Advisors increased its position in 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 acquiring an additional 50,000 shares during the period. Geode Capital Management LLC increased its position in shares of Quantum Computing by 10.5% during the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock valued at $449,000 after purchasing an additional 65,486 shares during the period. XTX Topco Ltd acquired a new position in shares of Quantum Computing during the 3rd quarter valued at $46,000. Finally, Virtu Financial LLC increased its position in shares of 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 during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Price Performance

QUBT traded up $0.31 on Friday, reaching $7.06. The company’s stock had a trading volume of 24,711,430 shares, compared to its average volume of 5,712,573. The stock has a market cap of $721.67 million, a price-to-earnings ratio of -24.34 and a beta of 1.64. Quantum Computing has a 1 year low of $0.35 and a 1 year high of $9.20. The business’s 50 day moving average is $1.98 and its 200 day moving average is $1.11.

Quantum Computing (NASDAQ:QUBT) last released its earnings results on Wednesday, October 2nd. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm 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.