Quantum Computing Stock Jump 65%, Hit Record Single-Day Gain

On Monday, the Quantum computing (QUBT, Financial) stock price jumped more than 65%, marking a record increase in a single day. The stock ended the day at $11.08, up 65% from its prior close of $7.08. Shares traded between a low of $7.08 and a high of $11.95, a notable change from a normal daily volume of about 6.5 million shares during trading Tuesday.

It’s a broader upward trend for the company. Quantum Computing stock has risen about 1,173% over the past year as growing investor confidence has bolstered the bubble around quantum computing technologies.

Quantum Computing exceeded expectations, posting a loss per share of $0.06 in its latest quarterly earnings report, which was released on October 2, 2024. For the quarter, the company reported revenues of $0.18 million.

On November 13, 2024, Ascendiant Capital Markets raised Quantum Computing’s price target to $8.50 and stayed with a “buy” rating.

Gains in recent weeks, however, with some analysts advising caution as we approach overbought territory, advising a possibility of a short-term pullback.

Investor interest remains strong for Quantum Computing Inc., and its stock performance reflects a market view that the company is heading toward a bright future in the quantum technology sector.

This article first appeared on GuruFocus.