Quantum Computing Stock Soars on AWS Program

QUBT is up 144% over the last week

Laura McCandless

Deputy Editor

Nov 25, 2024 at 10:49 AM

AMZN
QUBT

Software stock Quantum Computing Inc (NASDAQ:QUBT) is soaring, up 20.8% at $7.37 at last glance, after a boost from Amazon.com (AMZN). Amazon Web Services (AWS) launched the Quantum Embark Program today, helping users solve problems using quantum mechanics.

Today's pop has the stock jumping to its highest levels since Nov. 2021. On track for its fifth-straight gain, QUBT is further removing itself from penny stock territory after breaking past $5 last week. Since last Monday, the equity is up roughly 144%.

The busy options pits are leaning bullish after the event. So far, 18,000 calls and 5,256 puts have been exchanged, which is seven times the overall options volume typically seen at this point. The weekly 11/29 10-strike call is the most popular, followed by the 7.50-strike call in the same series, with new positions opening at the former.

Short interest is up a whopping 47.3% over the past two weeks, and now represents 6% of the stock's available float. An unwinding of these bearish bets amid the stock's outperformance could add fuel to the fire.

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