Quantum Computing Inc. (QUBT) saw its stock price rise by 3.23% to close at $18.19 on December 23, 2024, after opening at $19.84 and reaching a high of $19.94. The trading volume was significantly higher than average, at 57,007,005 shares, indicating heightened investor interest. The stock's upward movement was influenced by several factors, including a new stake acquisition by XTX Topco Ltd, which purchased 69,999 shares valued at approximately $46,000, signaling increased institutional interest. Additionally, the broader quantum computing sector has been buoyed by recent technological advancements and increased government funding, with major players like Google and Amazon making strides in quantum technology. Quantum Computing Inc.'s recent contract with NASA for its Dirac-3 system has also contributed to the positive sentiment.
The stock's volatility throughout the day reflects the market's reaction to these developments, with the price fluctuating between a low of $16.91 and a high of $19.94. The company's recent earnings report, which showed a smaller-than-expected loss, and the increased price target from Ascendiant Capital Markets further supported the stock's performance.