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

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 bought a new stake in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,554 shares of the company's stock, valued at approximately $156,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Rhumbline Advisers acquired a new stake in shares of Quantum Computing during the first quarter worth about $28,000. Tower Research Capital LLC TRC acquired a new stake in shares of Quantum Computing during the fourth quarter worth about $30,000. KBC Group NV acquired a new stake in shares of Quantum Computing during the first quarter worth about $41,000. Comerica Bank acquired a new stake in shares of Quantum Computing during the fourth quarter worth about $55,000. Finally, Capital Investment Advisors LLC bought a new position in shares of Quantum Computing during the first quarter worth about $84,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Insider Transactions at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 39,973 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the sale, the insider owned 21,236,906 shares in the company, valued at $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 1,059,844 shares of company stock worth $14,685,149 in the last 90 days. 19.30% of the stock is currently owned by company insiders.

Quantum Computing Trading Down 4.3%

NASDAQ QUBT traded down $0.72 during midday trading on Wednesday, hitting $16.17. The company had a trading volume of 12,618,242 shares, compared to its average volume of 17,677,460. Quantum Computing Inc. has a twelve month low of $0.57 and a twelve month high of $27.15. The firm has a 50-day moving average price of $16.98 and a 200-day moving average price of $11.17. The company has a market capitalization of $2.58 billion, a PE ratio of -33.69 and a beta of 4.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.13 earnings per share (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 the consensus estimate of $0.30 million.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on QUBT shares. Ascendiant Capital Markets increased their price objective on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald began coverage on Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price target for the company.

Quantum Computing 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.