Bank of New York Mellon Corp Makes New Investment in Quantum Computing Inc. $QUBT

Key Points

• Bank of New York Mellon acquired 1,975,697 shares of Quantum Computing, valued at approximately $19.2 million, giving it a 0.88% stake. Institutional investors and hedge funds collectively own 4.26% of QUBT.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two rate it Hold and one rates it Sell. MarketBeat reports a consensus rating of Hold and an average price target of $18.67.
• QUBT shares opened at $8.23, well below the 12-month high of $25.84. The company’s latest quarterly loss of $0.05 per share was worse than estimates, though revenue of $5.55 million exceeded forecasts.

Bank of New York Mellon Corp bought a new stake in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,975,697 shares of the company's stock, valued at approximately $19,164,000. Bank of New York Mellon Corp owned about 0.88% of Quantum Computing at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FWL Investment Management LLC acquired a new stake in shares of Quantum Computing in the 2nd quarter valued at about $33,000. Triumph Capital Management purchased a new position in shares of Quantum Computing during the third quarter worth approximately $45,000. International Assets Investment Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $26,000. Tucker Asset Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $29,000. Finally, Horizon Investments LLC purchased a new stake in Quantum Computing in the 3rd quarter valued at $55,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wedbush initiated coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They set a "neutral" rating and a $12.00 price objective on the stock. Lake Street Capital reiterated a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Quantum Computing in a report on Wednesday, June 24th. Ascendiant Capital Markets upped their price target on Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $10.00 price target on shares of Quantum Computing in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Quantum Computing presently has a consensus rating of "Hold" and a consensus target price of $18.67.

Quantum Computing Price Performance

Shares of NASDAQ:QUBT opened at $8.23 on Tuesday. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of -117.55 and a beta of 3.74. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84. The business's 50 day simple moving average is $8.62 and its 200-day simple moving average is $8.86.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to analyst estimates of $5.15 million. On average, equities analysts anticipate that Quantum Computing Inc. will post -0.18 earnings per share for the current year.

Quantum Computing Company Profile

Quantum Computing Inc NASDAQ: QUBT is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company's flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

Want to see what other hedge funds are holding QUBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quantum Computing Inc. (NASDAQ:QUBT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.