Engineers Gate Manager LP Cuts Stake in Quantum Computing Inc. $QUBT

Key Points

• Engineers Gate Manager LP cut its Quantum Computing stake by 97.4% in the second quarter, selling 641,666 shares and retaining 16,923 shares worth approximately $164,000.
• Other institutional investors increased or initiated positions, but institutional and hedge-fund ownership remains limited at 4.26% of QUBT’s outstanding shares.
• QUBT opened at $8.96, well below its 52-week high of $25.84. The company missed quarterly EPS expectations, while analysts’ overall view remains “Hold,” with a consensus price target of $18.67.

Engineers Gate Manager LP trimmed its holdings in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 97.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,923 shares of the company's stock after selling 641,666 shares during the quarter. Engineers Gate Manager LP's holdings in Quantum Computing were worth $164,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Quantum Computing in the second quarter worth $69,000. NewEdge Advisors LLC raised its holdings in Quantum Computing by 89.4% in the 2nd quarter. NewEdge Advisors LLC now owns 20,718 shares of the company's stock worth $201,000 after acquiring an additional 9,781 shares during the period. Corient Private Wealth LP raised its holdings in Quantum Computing by 477.2% in the 2nd quarter. Corient Private Wealth LP now owns 131,534 shares of the company's stock worth $1,276,000 after acquiring an additional 108,747 shares during the period. HighTower Advisors LLC lifted its position in Quantum Computing by 196.4% during the 2nd quarter. HighTower Advisors LLC now owns 50,918 shares of the company's stock worth $494,000 after acquiring an additional 33,740 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Quantum Computing during the 2nd quarter worth $401,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Stock Performance

Shares of QUBT stock opened at $8.96 on Monday. Quantum Computing Inc. has a 1 year low of $6.18 and a 1 year high of $25.84. The firm's 50 day moving average is $8.38 and its 200-day moving average is $8.88. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of -127.98 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.02). The business had revenue of $5.55 million for the quarter, compared to analysts' expectations of $5.15 million. On average, equities research analysts forecast that Quantum Computing Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Quantum Computing in a research report on Monday, September 21st. Lake Street Capital restated a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Wall Street Zen raised Quantum Computing from a "strong sell" rating to a "sell" rating in a report on Saturday. Ascendiant Capital Markets lifted their price target on Quantum Computing from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, August 26th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $10.00 price target on shares of Quantum Computing in a report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $18.67.

Quantum Computing Company Profile

Quantum Computing, Inc NASDAQ: QUBT, also known as QCi, develops quantum computing and quantum optics technologies designed to address complex computational and optimization problems. The company focuses on photonic quantum computing, which uses light-based systems intended to operate at or near room temperature and potentially reduce the infrastructure requirements associated with some conventional quantum-computing architectures.

QCi's offerings include quantum optimization systems and related software intended for applications such as logistics, financial modeling, artificial intelligence, machine learning, cybersecurity and drug or materials discovery.

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