Bank of America Corp DE Purchases 366,829 Shares of Quantum Computing Inc. (NASDAQ:QUBT)

Bank of America Corp DE lifted its position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 67,931.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 367,369 shares of the company's stock after buying an additional 366,829 shares during the period. Bank of America Corp DE owned approximately 0.27% of Quantum Computing worth $6,080,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of Quantum Computing during the fourth quarter worth $626,000. Janney Montgomery Scott LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $786,000. Flagship Harbor Advisors LLC purchased a new position in Quantum Computing in the 4th quarter valued at $199,000. Heck Capital Advisors LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth $1,255,000. Finally, Archer Investment Corp purchased a new stake in shares of Quantum Computing in the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 739,973 shares of company stock worth $8,012,085. 19.30% of the stock is currently owned by insiders.

Quantum Computing Stock Down 2.5%

Shares of QUBT traded down $0.31 during midday trading on Friday, reaching $12.12. 7,692,263 shares of the stock were exchanged, compared to its average volume of 19,155,074. Quantum Computing Inc. has a twelve month low of $0.35 and a twelve month high of $27.15. The company has a market cap of $1.71 billion, a P/E ratio of -41.33 and a beta of 3.74. The stock's 50 day simple moving average is $8.33 and its 200 day simple moving average is $8.92.

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

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.