Ameriprise Financial Inc. Purchases New Position in Quantum Computing Inc. (NASDAQ:QUBT)

Ameriprise Financial Inc. bought a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 43,034 shares of the company's stock, valued at approximately $712,000.

A number of other institutional investors also recently bought and sold shares of the stock. Tower Research Capital LLC TRC purchased a new stake in Quantum Computing in the 4th quarter worth $30,000. IFP Advisors Inc purchased a new stake in Quantum Computing in the 4th quarter worth $33,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing in the 4th quarter worth $33,000. Archer Investment Corp purchased a new stake in Quantum Computing in the 4th quarter worth $33,000. Finally, Hollencrest Capital Management purchased a new stake in Quantum Computing in the 4th quarter worth $41,000. 4.26% of the stock is owned by institutional investors.

Quantum Computing Stock Up 15.8%

QUBT stock traded up $1.87 during trading on Friday, reaching $13.70. The company's stock had a trading volume of 35,430,648 shares, compared to its average volume of 19,650,020. Quantum Computing Inc. has a 1 year low of $0.35 and a 1 year high of $27.15. The company has a market capitalization of $1.93 billion, a P/E ratio of -47.24 and a beta of 3.74. The company's fifty day moving average is $8.84 and its 200-day moving average is $9.32.

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

Insider Activity

In other news, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the transaction, the insider now owns 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. The trade was a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 739,973 shares of company stock worth $8,012,085 over the last 90 days. Corporate insiders own 19.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Ascendiant Capital Markets increased their price target on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

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.