Bank of America Corp DE Acquires New Stake in Quantum Computing Inc. $QUBT

Key Points

• Bank of America acquired 387,812 shares of Quantum Computing in the second quarter, valued at approximately $3.76 million and representing a 0.17% stake. Other institutions, including BlackRock and Bank of New York Mellon, also established or increased positions.
• Quantum Computing shares opened at $8.46, down 1.3%, with a market capitalization of about $1.91 billion. The stock has traded between $6.18 and $25.84 over the past year.
• The company reported a quarterly loss of $0.05 per share, missing estimates by $0.02, while revenue of $5.55 million exceeded expectations. Analysts’ consensus rating is Hold, with an average price target of $18.67.

Bank of America Corp DE acquired a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 387,812 shares of the company's stock, valued at approximately $3,762,000. Bank of America Corp DE owned 0.17% of Quantum Computing at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in Quantum Computing during the 2nd quarter worth $172,020,000. Bank of New York Mellon Corp acquired a new position in shares of Quantum Computing during the second quarter worth about $19,164,000. Clear Street Group Inc. raised its holdings in Quantum Computing by 379.8% during the fourth quarter. Clear Street Group Inc. now owns 1,149,865 shares of the company's stock worth $11,798,000 after purchasing an additional 1,560,761 shares in the last quarter. Focus Financial Network Inc. raised its holdings in Quantum Computing by 402.6% during the second quarter. Focus Financial Network Inc. now owns 911,635 shares of the company's stock worth $8,843,000 after purchasing an additional 730,240 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Quantum Computing by 393.8% in the first quarter. Renaissance Technologies LLC now owns 667,674 shares of the company's stock valued at $4,574,000 after purchasing an additional 532,451 shares during the period. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Trading Down 1.3%

NASDAQ:QUBT opened at $8.46 on Wednesday. The company has a market capitalization of $1.91 billion, a P/E ratio of -120.84 and a beta of 3.78. The firm has a 50-day moving average price of $8.40 and a two-hundred day moving average price of $8.89. Quantum Computing Inc. has a twelve month low of $6.18 and a twelve month high of $25.84.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million for the quarter, compared to analyst estimates of $5.15 million. On average, equities research analysts predict that Quantum Computing Inc. will post -0.19 earnings per share for the current year.

Analyst Ratings Changes

QUBT has been the topic of several recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $10.00 price objective on shares of Quantum Computing in a report on Tuesday, August 11th. Wedbush began coverage on Quantum Computing in a research report on Monday, August 3rd. They issued a "neutral" rating and a $12.00 price objective for the company. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "sell" rating in a report on Saturday. Finally, Ascendiant Capital Markets upped their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Quantum Computing currently has a consensus rating of "Hold" and a consensus price target of $18.67.

About Quantum Computing

Quantum Computing, Inc NASDAQ: QUBT, also known as QCi, develops quantum computing and quantum optics technologies designed to address complex computational and optimization problems. The company focuses on photonic quantum computing, which uses light-based systems intended to operate at or near room temperature and potentially reduce the infrastructure requirements associated with some conventional quantum-computing architectures.

QCi's offerings include quantum optimization systems and related software intended for applications such as logistics, financial modeling, artificial intelligence, machine learning, cybersecurity and drug or materials discovery.

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