Bank of New York Mellon Corp Purchases 428,418 Shares of Quantum Computing Inc. $QUBT

Key Points

• Bank of New York Mellon increased its Quantum Computing stake by 72.1% in the first quarter, buying 428,418 additional shares for a total of 1,022,604 shares, valued at approximately $7 million.
• Other major investors also expanded their positions, including Vanguard, Marex Group and Alyeska Investment Group, though institutional investors and hedge funds collectively own only 4.26% of QUBT.
• QUBT shares opened at $8.74, while analyst sentiment remained mixed: the consensus rating is Hold with an average price target of $18.33. The company beat quarterly revenue and EPS expectations but is still projected to post a full-year loss.

Bank of New York Mellon Corp lifted its position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 72.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,022,604 shares of the company's stock after purchasing an additional 428,418 shares during the period. Bank of New York Mellon Corp owned 0.45% of Quantum Computing worth $7,005,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the 3rd quarter valued at $123,014,000. Marex Group plc lifted its holdings in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company's stock worth $84,872,000 after buying an additional 5,945,679 shares in the last quarter. Vanguard Group Inc. raised its stake in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company's stock worth $172,793,000 after purchasing an additional 4,643,818 shares in the last quarter. Defiance ETFs LLC bought a new stake in Quantum Computing in the 4th quarter valued at about $33,071,000. Finally, Mubadala Investment Co PJSC bought a new position in shares of Quantum Computing during the fourth quarter worth approximately $16,286,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Price Performance

Shares of Quantum Computing stock opened at $8.74 on Tuesday. The company's 50 day moving average price is $9.48 and its two-hundred day moving average price is $9.14. The firm has a market capitalization of $1.97 billion, a P/E ratio of -31.21 and a beta of 3.74. Quantum Computing Inc. has a fifty-two week low of $6.18 and a fifty-two week high of $25.84.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. On average, analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Analysts Set New Price Targets

QUBT has been the topic of a number of analyst reports. Wedbush initiated coverage on Quantum Computing in a research report on Monday. They set a "neutral" rating and a $12.00 price target on the stock. 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. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $18.33.

About Quantum Computing

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.

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