Why Quantum Computing Inc. (QUBT) Skyrocketed Yesterday

We recently compiled a list of the 10 Hottest Stocks: What’s Fueling Their Rise. In this article, we are going to take a look at where Quantum Computing Inc. (NASDAQ:QUBT) stands against the other stocks that skyrocketed yesterday.

Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.

To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A data analyst pouring over a chart, the intricacies of its lines being revealed.

Quantum Computing Inc. (NASDAQ:QUBT)

Quantum Computing (QUBT) has been on the list of top gainers over the past few weeks, with the company booking a 12.55-percent gain anew on Thursday to finish at $19.24 apiece.

Year-to-date, the company has seen a whopping 2,061-percent jump in its share prices, from only $0.89 each on January 2, 2024.

According to analysts, the company continued to ride on the quantum computing craze, as it is believed to become a transformative force across industries.

Quantum Computing posted notable gains last week after announcements that the company secured a contract from the National Aeronautics and Space Administration’s (NASA) Goddard Space Flight Center for its imaging technology called Dirac-3. Financial terms were not disclosed.

Momentum for quantum computing is also accelerating fast, with US lawmakers announcing a $2.7 billion government funding to supercharge quantum innovation across computing, sensing, and communications.

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