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.

Overall QUBT ranks 7th on our list of the stocks that skyrocketed yesterday. While we acknowledge the potential of QUBT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. 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.

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