We recently published Santa Came Early for These 10 Double-Digit Gainers. Quantum Computing Inc. (NASDAQ:QUBT) is one of the best performers on Monday.
Quantum Computing extended its gains to a third day on Monday, climbing 12.86 percent to finish at $12.29 apiece, on what appeared to be an early quarterly and year-end window-dressing.
The practice is common among institutional investors, where they tweak portfolios before the reporting periods by loading up on well-performing stocks and trimming those that underperform to present a stronger portfolio to clients.
Quantum Computing Inc. (NASDAQ:QUBT) rallied alongside its counterparts, namely IonQ, Rigetti Computing, and D-Wave, supported by optimism for robust opportunities for the sector.
In other news, Quantum Computing Inc. (NASDAQ:QUBT) recently acquired Luminar Semiconductor, Inc. (LSI), a wholly owned subsidiary of Luminar Technologies, Inc., for $110 million.
According to Quantum Computing Inc. (NASDAQ:QUBT), the acquisition would bring the company a portfolio of core photonic technologies, patents, and a highly experienced team of engineers and scientists that would accelerate its roadmap while continuing to support and grow LSI’s established customer base.
Concurrent with the announcement, LSI’s parent, Luminar Technologies Inc., announced that it has voluntarily submitted a Chapter 11 bankruptcy protection with the US Bankruptcy Court for the Southern District of Texas.
Photo by Jefferson Santos on Unsplash
Quantum Computing Inc. (NASDAQ:QUBT), however, clarified that its acquired company is not a debtor in Luminar’s chapter 11 cases, but would still require the approval of the said court in connection with the acquisition.
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Disclosure: None. This article is originally published at Insider Monkey.
