Arizona State Retirement System Takes Position in Quantum Computing Inc. (NASDAQ:QUBT)

Arizona State Retirement System purchased a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 33,379 shares of the company's stock, valued at approximately $267,000.

Other large investors also recently bought and sold shares of the company. Rhumbline Advisers purchased a new stake in Quantum Computing during the 1st quarter worth $28,000. Tower Research Capital LLC TRC bought a new stake in shares of Quantum Computing in the 4th quarter worth about $30,000. Farther Finance Advisors LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth about $33,000. KBC Group NV bought a new stake in shares of Quantum Computing in the 1st quarter worth about $41,000. Finally, Signaturefd LLC bought a new stake in shares of Quantum Computing in the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Quantum Computing Stock Performance

Shares of NASDAQ QUBT traded down $0.24 during midday trading on Friday, hitting $16.71. The company's stock had a trading volume of 10,201,875 shares, compared to its average volume of 21,338,748. Quantum Computing Inc. has a 1-year low of $0.53 and a 1-year high of $27.15. The firm's fifty day moving average price is $16.52 and its 200-day moving average price is $10.87. The firm has a market cap of $2.64 billion, a P/E ratio of -34.81 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.30 million.

Insider Activity

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.66, for a total transaction of $466,085.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the company'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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,059,844 shares of company stock valued at $14,685,149. Company insiders own 19.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on QUBT shares. 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. Cantor Fitzgerald started coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Finally, Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th.

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.