Focus Financial Network Inc. Purchases 64,570 Shares of Quantum Computing Inc. $QUBT

Key Points

• Focus Financial Network Inc. increased its stake in Quantum Computing Inc. by 34.1%, acquiring an additional 64,570 shares, bringing its total to 254,037 shares valued at approximately $4.87 million.
• Analysts have mixed views on Quantum Computing, with target price estimates ranging from $15.00 to $22.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $18.50.
• Insider activity included the CEO, Yuping Huang, selling 1,000,000 shares for about $14.41 million, resulting in a 4.49% decrease in their ownership.

Focus Financial Network Inc. boosted its position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 34.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 254,037 shares of the company's stock after purchasing an additional 64,570 shares during the quarter. Focus Financial Network Inc. owned about 0.16% of Quantum Computing worth $4,870,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Quantum Computing in the 1st quarter worth approximately $7,084,000. UNICOM Systems Inc. boosted its holdings in shares of Quantum Computing by 90.3% in the first quarter. UNICOM Systems Inc. now owns 656,279 shares of the company's stock valued at $5,250,000 after purchasing an additional 311,426 shares during the period. Millennium Management LLC lifted its position in shares of Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company's stock valued at $5,212,000 after buying an additional 483,940 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Quantum Computing by 67,931.3% in the fourth quarter. Bank of America Corp DE now owns 367,369 shares of the company's stock valued at $6,080,000 after purchasing an additional 366,829 shares during the period. Institutional investors own 4.26% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on QUBT shares. Cantor Fitzgerald started coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Ascendiant Capital Markets lifted their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.50.

Insider Activity at Quantum Computing

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the transaction, the chief executive officer owned 21,287,718 shares in the company, valued at approximately $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The disclosure for this sale can be found here. Insiders sold 1,154,649 shares of company stock valued at $16,805,481 in the last three months. Corporate insiders own 19.30% of the company's stock.

Quantum Computing Price Performance

NASDAQ QUBT opened at $17.71 on Thursday. Quantum Computing Inc. has a fifty-two week low of $0.64 and a fifty-two week high of $27.15. The stock has a market capitalization of $2.83 billion, a PE ratio of -26.04 and a beta of 3.88. The business has a fifty day moving average price of $16.25 and a two-hundred day moving average price of $12.62.

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

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.

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