Charles Schwab Investment Management Inc. Raises Stock Holdings in Quantum Computing Inc. $QUBT

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Quantum Computing Inc. by 66.4%, owning a total of 50,878 shares worth approximately $407,000 after the purchase.
• In the first quarter, various institutional investors added to their stakes, with Hollencrest Capital Management boosting their position by 60.0% to 4,000 shares valued at $32,000.
• Analysts have varying ratings on Quantum Computing, with Wall Street Zen downgrading it to a "strong sell" while Ascendiant Capital Markets set a new price target of $22.00 and a "buy" rating.

Charles Schwab Investment Management Inc. raised its position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 66.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,878 shares of the company's stock after buying an additional 20,305 shares during the quarter. Charles Schwab Investment Management Inc.'s holdings in Quantum Computing were worth $407,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in QUBT. Tower Research Capital LLC TRC bought a new position in shares of Quantum Computing during the fourth quarter valued at $30,000. Stifel Financial Corp bought a new position in shares of Quantum Computing during the fourth quarter valued at $679,000. Northern Trust Corp increased its holdings in shares of Quantum Computing by 214.1% during the fourth quarter. Northern Trust Corp now owns 144,088 shares of the company's stock valued at $2,385,000 after acquiring an additional 98,221 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Quantum Computing during the fourth quarter valued at $1,090,000. Finally, Comerica Bank bought a new position in shares of Quantum Computing during the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Quantum Computing Stock Up 2.4%

NASDAQ:QUBT traded up $0.35 on Friday, hitting $15.11. The stock had a trading volume of 13,646,347 shares, compared to its average volume of 14,735,446. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of -22.22 and a beta of 3.88. The business's 50-day simple moving average is $16.79 and its two-hundred day simple moving average is $12.10. Quantum Computing Inc. has a 52-week low of $0.58 and a 52-week high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.10 million.

Insider Transactions at Quantum Computing

In other news, CFO Christopher Boehmler sold 96,679 shares of Quantum Computing stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total transaction of $1,542,996.84. Following the transaction, the chief financial officer directly owned 131,060 shares of the company's stock, valued at $2,091,717.60. The trade was a 42.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,537,046 shares of company stock valued at $23,045,791. Company insiders own 19.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on QUBT shares. Ascendiant Capital Markets raised their price target on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company. Finally, Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Quantum Computing currently has a consensus rating of "Moderate Buy" and an average price target of $18.50.

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.