Why Quantum Computing Inc. (QUBT) Skyrocketed?

We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where Quantum Computing Inc. (NASDAQ:QUBT) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, 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)

Shares of Quantum Computing posted the highest gains in last week’s trading, recording a whopping 147 percent to end at $17.62 apiece on Friday versus the $7.12 registered on Monday.

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.

Similar to IonQ and Rigetti, Quantum Computing posted notable gains following news of further advancements in the quantum industry, led by Google’s Willow chip.

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.

Overall, QUBT ranks 1st on our list of biggest gainers of last week. While we acknowledge the potential of QUBT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QUBT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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