Foundations Investment Advisors LLC Buys New Position in Quantum Computing Inc. (NASDAQ:QUBT)

Key Points

• Foundations Investment Advisors LLC has acquired 33,405 shares of Quantum Computing Inc. (NASDAQ:QUBT), valued at approximately $267,000, marking a significant investment in the company.
• Insider transactions reveal that directors sold a combined 700,986 shares, with Michael C. Turmelle selling 200,986 shares for nearly $2.85 million, indicating potential profit-taking among insiders.
• Analyst ratings for Quantum Computing have varied, with Ascendiant Capital Markets upgrading their price target to $22.00 and issuing a "buy" rating, reflecting growing optimism about the company's future.

Foundations Investment Advisors LLC purchased a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 33,405 shares of the company's stock, valued at approximately $267,000.

Several other large investors also recently added to or reduced their stakes in the stock. Anson Funds Management LP bought a new position in Quantum Computing in the 4th quarter valued at $70,006,000. Alyeska Investment Group L.P. bought a new position in Quantum Computing in the 4th quarter valued at $69,613,000. Vanguard Group Inc. grew its position in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after acquiring an additional 1,906,749 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in Quantum Computing in the 4th quarter valued at $13,953,000. Finally, Bank of America Corp DE grew its position in Quantum Computing by 67,931.3% in the 4th quarter. Bank of America Corp DE now owns 367,369 shares of the company's stock valued at $6,080,000 after acquiring an additional 366,829 shares during the last quarter. 4.26% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Yuping Huang sold 500,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $11.70, for a total value of $5,850,000.00. Following the transaction, the insider directly owned 21,236,906 shares in the company, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,059,844 shares of company stock valued at $14,685,149. Company insiders own 19.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on QUBT. Cantor Fitzgerald began coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective on the stock. Ascendiant Capital Markets upped their target price on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Stock Down 4.0%

Shares of NASDAQ QUBT traded down $0.67 during mid-day trading on Wednesday, reaching $16.22. 9,032,354 shares of the company were exchanged, compared to its average volume of 24,672,416. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -33.78 and a beta of 4.09. Quantum Computing Inc. has a 1 year low of $0.57 and a 1 year high of $27.15. The firm has a 50-day moving average of $16.98 and a 200 day moving average of $11.17.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analysts' expectations of $0.30 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.