Short Interest in Quantum Computing Inc. (NASDAQ:QUBT) Grows By 29.8%

Quantum Computing Inc. (NASDAQ:QUBT) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 25,140,000 shares, a growth of 29.8% from the January 15th total of 19,370,000 shares. Approximately 23.0% of the shares of the company are short sold. Based on an average daily volume of 49,110,000 shares, the days-to-cover ratio is presently 0.5 days.

Quantum Computing Stock Performance

Shares of QUBT stock traded down $0.33 on Friday, reaching $7.95. 12,497,404 shares of the company’s stock traded hands, compared to its average volume of 32,462,944. Quantum Computing has a 12-month low of $0.35 and a 12-month high of $27.15. The company has a market capitalization of $1.09 billion, a P/E ratio of -27.41 and a beta of 2.75. The business’s 50 day moving average price is $12.08 and its two-hundred day moving average price is $5.36.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted their target price on 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

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new position in Quantum Computing in the fourth quarter valued at about $30,000. IFP Advisors Inc purchased a new position in Quantum Computing in the fourth quarter valued at about $33,000. Farther Finance Advisors LLC purchased a new position in Quantum Computing in the fourth quarter valued at about $33,000. Archer Investment Corp purchased a new position in Quantum Computing in the fourth quarter valued at about $33,000. Finally, Hollencrest Capital Management purchased a new position in Quantum Computing in the fourth quarter valued at about $41,000. Hedge funds and other institutional investors 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.