Envestnet Asset Management Inc. Takes $529,000 Position in Quantum Computing Inc. (NASDAQ:QUBT)

Envestnet Asset Management Inc. acquired a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,981 shares of the company's stock, valued at approximately $529,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after purchasing an additional 1,906,749 shares during the period. CIBC Private Wealth Group LLC purchased a new stake in shares of Quantum Computing in the fourth quarter worth about $11,750,000. UNICOM Systems Inc. purchased a new position in shares of Quantum Computing during the 4th quarter valued at $5,707,000. Mission Wealth Management LP purchased a new stake in shares of Quantum Computing in the 4th quarter valued at about $1,986,000. Finally, Raymond James Financial Inc. bought a new stake in Quantum Computing during the fourth quarter valued at approximately $1,924,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a report on Monday, April 28th.

Quantum Computing Price Performance

Quantum Computing stock traded up $0.01 during trading hours on Wednesday, reaching $7.09. The stock had a trading volume of 4,029,361 shares, compared to its average volume of 16,929,943. The stock has a market cap of $972.52 million, a PE ratio of -24.43 and a beta of 3.74. The company has a fifty day simple moving average of $6.81 and a 200-day simple moving average of $7.84. Quantum Computing Inc. has a 52 week low of $0.35 and a 52 week high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same quarter in the previous year, the company posted ($0.09) EPS.

Insider Buying and Selling at Quantum Computing

In other news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now owns 24,051,256 shares of the company's stock, valued at approximately $203,954,650.88. The trade was a 0.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 31.10% of the company's stock.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.