Ameriprise Financial Inc. Makes New Investment in Quantum Computing Inc. (NASDAQ:QUBT)

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

Other hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new stake in Quantum Computing in the fourth quarter worth $30,000. IFP Advisors Inc purchased a new stake in Quantum Computing in the fourth quarter worth $33,000. Farther Finance Advisors LLC purchased a new stake in Quantum Computing in the fourth quarter worth $33,000. Archer Investment Corp purchased a new stake in Quantum Computing in the fourth quarter worth $33,000. Finally, Hollencrest Capital Management purchased a new stake in Quantum Computing in the fourth quarter worth $41,000. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Trading Up 3.5%

Shares of NASDAQ QUBT traded up $0.43 during mid-day trading on Wednesday, hitting $12.83. The company had a trading volume of 12,926,389 shares, compared to its average volume of 19,381,089. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -44.24 and a beta of 3.74. Quantum Computing Inc. has a 1 year low of $0.35 and a 1 year high of $27.15. The stock's 50-day moving average price is $8.55 and its 200-day moving average price is $9.15.

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

Insider Buying and Selling

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of Quantum Computing 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 the SEC website. Also, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the sale, the insider now directly owns 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This trade represents 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 ninety days. 19.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets lifted their price target on Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a research report on Monday, April 28th.

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.