AlphaQuest LLC Purchases Shares of 21,253 Quantum Computing Inc. $QUBT

Key Points

• AlphaQuest LLC acquired 21,253 shares of Quantum Computing Inc. ($QUBT) valued at approximately $170,000 during the 1st quarter, according to its recent SEC filing.
• Quantum Computing reported earnings of ($0.06) per share for the last quarter, meeting analysts' expectations, but revenue fell short at $0.06 million against $0.10 million forecast.
• The stock has seen varied analyst opinions, with Ascendiant Capital Markets raising its price target to $22.00 while Wall Street Zen downgraded its rating to "strong sell."

AlphaQuest LLC purchased a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 21,253 shares of the company's stock, valued at approximately $170,000.

Several other institutional investors and hedge funds also recently made changes to their positions in QUBT. JPMorgan Chase & Co. raised its position in shares of Quantum Computing by 7,016.0% during the 4th quarter. JPMorgan Chase & Co. now owns 11,101 shares of the company's stock valued at $184,000 after acquiring an additional 10,945 shares in the last quarter. Wells Fargo & Company MN acquired a new stake in Quantum Computing in the fourth quarter worth $365,000. Envestnet Asset Management Inc. acquired a new stake in Quantum Computing in the fourth quarter worth $529,000. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing during the fourth quarter valued at $30,000. Finally, Stifel Financial Corp acquired a new position in shares of Quantum Computing during the fourth quarter valued at $679,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

QUBT has been the topic of a number of research analyst reports. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Finally, Ascendiant Capital Markets raised their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.50.

Quantum Computing Stock Performance

Shares of Quantum Computing stock traded down $0.70 during trading on Wednesday, hitting $14.36. 10,757,506 shares of the stock traded hands, compared to its average volume of 23,607,135. The company has a fifty day moving average price of $16.92 and a two-hundred day moving average price of $11.98. Quantum Computing Inc. has a twelve month low of $0.58 and a twelve month high of $27.15. The stock has a market cap of $2.30 billion, a P/E ratio of -21.52 and a beta of 3.88.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.10 million.

Insider Activity at Quantum Computing

In other news, Director Michael C. Turmelle sold 200,986 shares of the business's 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $15.96, for a total value of $1,542,996.84. Following the sale, the chief financial officer owned 131,060 shares in the company, valued at approximately $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 519,871 shares of company stock worth $8,369,064. Company insiders own 19.30% of the company's stock.

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.