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.

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 have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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