Quantum (NASDAQ:QMCO) Computing Inc. (QUBT) shares have surged to a 52-week high, reaching a price level of $9.31. According to InvestingPro data, the stock trades significantly above its Fair Value, with a market capitalization of $793 million and notably high price volatility. The company, which operates in the burgeoning field of quantum computing, has seen its stock soar as investors rally behind its potential in the high-tech industry. Over the past year, Quantum Computing's stock has experienced a staggering 961.79% increase, reflecting significant investor confidence and the growing interest in quantum computing technologies. This impressive one-year change underscores the company's momentum and the market's optimistic outlook on its future, though InvestingPro analysis reveals the company is not expected to be profitable this year, with a current EBITDA of -$20.3 million. Discover 13 additional exclusive insights about QUBT with an InvestingPro subscription.
In other recent news, Quantum Computing Inc. has been making significant strides in various areas. The company has successfully raised $40 million in a stock offering, which will be allocated for debt repayment, working capital, and general corporate purposes. Furthermore, Quantum Computing Inc. has secured a new purchase order from the University of Texas at Austin for its thin film lithium niobate (TFLN) photonic chip foundry. This order is part of the company's pilot launch program and is set to be fulfilled in 2025.
The company is also progressing towards the launch of its quantum photonic chip foundry, expected to commence operations in 2025. Concurrently, Quantum Computing Inc. has been awarded a new contract by NASA to develop cost-effective quantum remote sensing technology for spaceborne LIDAR imaging. In addition, the company has extended its partnership with Los Alamos National Laboratory, focusing on the Dirac-3 quantum optimization machine.
However, Quantum Computing Inc. is currently facing potential delisting from the Nasdaq Stock Market due to non-compliance with a listing rule. Ascendiant Capital has adjusted its outlook on Quantum Computing Inc., reducing the 12-month price target to $8.25 from the previous $8.75, while maintaining a Buy rating on the company's stock. These are among the recent developments at Quantum Computing Inc.
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