Quantum Computing (QUBT) Jumps 9.7% on Bargain-Hunting

We recently published 10 Stocks Stealing Market Spotlight. Quantum Computing Inc. (NASDAQ:QUBT) is one of the best performers on Wednesday.

Quantum Computing rallied for a second day on Wednesday, adding 9.73 percent to close at $12.07 apiece as investors continued to load portfolios to take advantage of its cheap valuation.

The rally followed a 30 percent drop last month to $11.70 from $16.71 in the last trading day of October, which traders took as opportunity to load up on shares.

Additionally, Quantum Computing Inc. (NASDAQ:QUBT) mirrored an overall market optimism ahead of the last Federal Open Market Committee meeting for the year, where the US central bank’s Monetary Board is expected to announce a 25-basis point rate cut.

Quantum Computing Inc. (NASDAQ:QUBT) is an integrated photonics and quantum optics technology company providing quantum machines and TFLN foundry services.

In the third quarter of the year, it swung to a net income of $2.38 million from a $5.67 million net loss in the same period last year, primarily driven by a $9.2 million gain from the mark-to-market of a derivative liability and interest income of $3.5 million.

Revenues jumped by 280 percent to $384,000 from $101,000 year-on-year, on the back of research and development services and custom hardware contracts.

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Disclosure: None. This article is originally published at Insider Monkey.