52,340 Shares in Quantum Computing Inc. $QUBT Acquired by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors LLC has acquired 52,340 shares of Quantum Computing Inc. (NASDAQ:QUBT) valued at approximately $1,003,000, marking a significant investment in the company during the second quarter.
• Insider transactions revealed that CEO Yuping Huang sold 1,000,000 shares for around $14.41 each, reducing their ownership by 4.49%, while Director Robert B. Fagenson also sold shares worth $84,400.
• Brokerages have varying opinions on QUBT, with Ascendiant Capital Markets increasing its price target to $40.00 and Wall Street Zen downgrading it to a "strong sell," indicating mixed sentiments about the stock's future.

Concurrent Investment Advisors LLC acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 52,340 shares of the company's stock, valued at approximately $1,003,000.

Other institutional investors also recently modified their holdings of the company. Rhumbline Advisers bought a new position in shares of Quantum Computing in the first quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Quantum Computing in the second quarter worth approximately $29,000. Hollencrest Capital Management increased its position in shares of Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock worth $32,000 after purchasing an additional 1,500 shares during the last quarter. KBC Group NV bought a new position in shares of Quantum Computing in the first quarter worth approximately $41,000. Finally, Quarry LP bought a new position in shares of Quantum Computing in the first quarter worth approximately $55,000. 4.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Yuping Huang sold 1,000,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares of the company's stock, valued at $306,756,016.38. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert B. Fagenson sold 5,000 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $16.88, for a total value of $84,400.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,154,649 shares of company stock worth $16,805,481. Insiders own 19.30% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on QUBT. Ascendiant Capital Markets increased their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Wall Street Zen cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 16th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Finally, Lake Street Capital began coverage on shares of Quantum Computing in a research report on Thursday, September 18th. They set a "buy" rating and a $24.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $26.33.

Quantum Computing Stock Performance

NASDAQ:QUBT opened at $21.23 on Thursday. The firm has a market cap of $4.76 billion, a PE ratio of -31.22 and a beta of 3.85. Quantum Computing Inc. has a fifty-two week low of $0.70 and a fifty-two week high of $27.15. The business has a 50 day moving average price of $17.74 and a 200-day moving average price of $14.56.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.06). The company had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.10 million.

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.

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