Caitong International Asset Management Co. Ltd Takes $798,000 Position in Quantum Computing Inc. (NASDAQ:QUBT)

Key Points

• Caitong International Asset Management Co. Ltd has acquired 99,806 shares of Quantum Computing Inc. (NASDAQ:QUBT), valued at approximately $798,000, making it the 24th largest position in their portfolio.
• Institutional investors and hedge funds collectively own 4.26% of Quantum Computing's stock, with notable increases in stakes from various firms including Cambridge Investment Research Advisors and Raymond James Financial.
• Insider transactions included substantial sales by Director Javad Shabani and CFO Christopher Boehmler, who sold shares valued at $466,085 and $928,800 respectively, indicating potential changes in insider sentiment.

Caitong International Asset Management Co. Ltd bought a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 99,806 shares of the company's stock, valued at approximately $798,000. Quantum Computing makes up approximately 0.6% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 24th largest holding. Caitong International Asset Management Co. Ltd owned about 0.07% of Quantum Computing as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in QUBT. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the fourth quarter valued at $30,000. Comerica Bank bought a new stake in Quantum Computing during the fourth quarter valued at $55,000. Rhumbline Advisers bought a new stake in Quantum Computing during the first quarter valued at $28,000. Hollencrest Capital Management increased its stake in Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after purchasing an additional 1,500 shares during the last quarter. Finally, KBC Group NV bought a new stake in Quantum Computing during the first quarter valued at $41,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on QUBT shares. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research report on Saturday. Finally, Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, June 6th.

Quantum Computing Trading Down 0.4%

QUBT stock traded down $0.06 during mid-day trading on Friday, reaching $15.32. 15,962,122 shares of the stock traded hands, compared to its average volume of 16,263,552. Quantum Computing Inc. has a 52-week low of $0.58 and a 52-week high of $27.15. The company has a market cap of $2.45 billion, a P/E ratio of -22.53 and a beta of 4.09. The stock's fifty day moving average is $17.55 and its 200-day moving average is $11.46.

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

Insider Activity at Quantum Computing

In other news, Director Javad Shabani sold 39,973 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The disclosure for this sale can be found here. Insiders sold 1,059,844 shares of company stock valued at $14,685,149 over the last ninety days. 19.30% of the stock is owned by company insiders.

Quantum Computing Profile

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.