Bank of New York Mellon Corp Acquires Shares of 19,554 Quantum Computing Inc. (NASDAQ:QUBT)

Key Points

• Bank of New York Mellon Corp has made a new investment in Quantum Computing Inc., acquiring 19,554 shares valued at approximately $156,000 in the first quarter.
• Several institutional investors increased their stakes in Quantum Computing, including Cambridge Investment Research Advisors, which raised its holdings by 159.6% to own 33,724 shares valued at $270,000.
• Shares of Quantum Computing have shown volatility, with a twelve-month low of $0.57 and a high of $27.15, currently trading at $16.89 with a market capitalization of $2.70 billion.

Bank of New York Mellon Corp purchased a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 19,554 shares of the company's stock, valued at approximately $156,000.

Other large investors have also recently made changes to their positions in the company. Rhumbline Advisers acquired a new position in Quantum Computing during the first quarter worth $28,000. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $30,000. KBC Group NV acquired a new position in shares of Quantum Computing in the 1st quarter valued at $41,000. Comerica Bank acquired a new position in shares of Quantum Computing in the 4th quarter valued at $55,000. Finally, Capital Investment Advisors LLC acquired a new position in shares of Quantum Computing in the 1st quarter valued at $84,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Yuping Huang sold 500,000 shares of the 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 transaction, the insider owned 21,236,906 shares in the company, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Javad Shabani sold 39,973 shares of the stock in a transaction dated Monday, May 19th. The shares were 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 quarter, insiders have sold 1,059,844 shares of company stock worth $14,685,149. Insiders own 19.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Ascendiant Capital Markets upped their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald assumed coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target on the stock.

Quantum Computing Stock Performance

QUBT stock traded up $0.37 during mid-day trading on Friday, reaching $16.13. The company had a trading volume of 12,628,438 shares, compared to its average volume of 17,731,146. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of -33.60 and a beta of 4.09. The firm has a fifty day simple moving average of $17.21 and a 200 day simple moving average of $11.27. Quantum Computing Inc. has a fifty-two week low of $0.57 and a fifty-two week high of $27.15.

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

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.