Foundations Investment Advisors LLC Takes 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 acquired a new stake in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 33,405 shares of the company's stock, valued at approximately $267,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. LPL Financial LLC grew its position in shares of Quantum Computing by 218.2% in the 1st quarter. LPL Financial LLC now owns 235,628 shares of the company's stock valued at $1,885,000 after acquiring an additional 161,582 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Quantum Computing by 384.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,321 shares of the company's stock worth $243,000 after buying an additional 24,060 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Quantum Computing during the 1st quarter worth about $180,000. Private Advisor Group LLC bought a new stake in shares of Quantum Computing during the 1st quarter worth about $100,000. Finally, Hussman Strategic Advisors Inc. bought a new stake in shares of Quantum Computing during the 1st quarter worth about $840,000. Institutional investors own 4.26% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price for the company. Finally, Wall Street Zen raised shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Quantum Computing Price Performance

Quantum Computing stock traded down $0.04 during midday trading on Friday, hitting $14.80. The company's stock had a trading volume of 12,279,713 shares, compared to its average volume of 17,323,668. Quantum Computing Inc. has a 1-year low of $0.53 and a 1-year high of $27.15. The company has a 50-day moving average price of $16.86 and a two-hundred day moving average price of $11.09. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -30.83 and a beta of 4.09.

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 the consensus estimate of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.30 million.

Insider Buying and Selling at Quantum Computing

In other Quantum Computing news, CFO Christopher Boehmler sold 46,440 shares of Quantum Computing stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the completion of the sale, the chief financial officer owned 351,152 shares in the company, valued at $7,023,040. The trade was a 11.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the sale, the insider owned 21,236,906 shares of the company's stock, valued at $248,471,800.20. This trade represents a 2.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,059,844 shares of company stock worth $14,685,149 over the last quarter. Company insiders own 19.30% of the company's stock.

Quantum Computing Company Profile

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.