Caitong International Asset Management Co. Ltd Invests $798,000 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 Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 99,806 shares of the company's stock, valued at approximately $798,000. Quantum Computing accounts for 0.6% of Caitong International Asset Management Co. Ltd's holdings, making the stock its 24th largest holding. Caitong International Asset Management Co. Ltd owned approximately 0.07% of Quantum Computing as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Alyeska Investment Group L.P. purchased a new position in Quantum Computing in the fourth quarter valued at about $69,613,000. Anson Funds Management LP purchased a new stake in Quantum Computing during the 4th quarter worth approximately $70,006,000. Vanguard Group Inc. raised its position in shares of Quantum Computing by 24.0% in the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock valued at $41,531,000 after purchasing an additional 1,004,675 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of Quantum Computing in the 4th quarter valued at approximately $13,953,000. Finally, Bank of America Corp DE boosted its stake in shares of Quantum Computing by 67,931.3% during the 4th quarter. Bank of America Corp DE now owns 367,369 shares of the company's stock valued at $6,080,000 after buying an additional 366,829 shares during the last quarter. Hedge funds and other institutional investors own 4.26% of the company's stock.

Quantum Computing Trading Down 3.9%

NASDAQ QUBT traded down $0.63 on Thursday, hitting $15.38. 20,078,800 shares of the stock traded hands, compared to its average volume of 24,366,986. The stock has a 50-day moving average of $17.52 and a 200 day moving average of $11.42. Quantum Computing Inc. has a twelve month low of $0.58 and a twelve month high of $27.15. The company has a market capitalization of $2.46 billion, a P/E ratio of -32.04 and a beta of 4.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06).

Analyst Upgrades and Downgrades

QUBT has been the subject of a number of research analyst reports. Cantor Fitzgerald started coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target for the company. Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th.

Insider Transactions at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Christopher Boehmler sold 46,440 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the sale, the chief financial officer owned 351,152 shares in the company, valued at $7,023,040. The trade was a 11.68% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by corporate insiders.

Quantum Computing Company 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.