Janney Montgomery Scott LLC Makes New Investment in Quantum Computing Inc. $QUBT

Key Points

• Janney Montgomery Scott LLC acquired 40,267 shares of Quantum Computing Inc. (NASDAQ:QUBT), valued at approximately $772,000 in the second quarter.
• Insider transactions included CEO Yuping Huang selling 1,000,000 shares for about $14.41 each, decreasing his ownership by 4.49% to 21,287,718 shares.
• A number of hedge funds modified their positions in QUBT, with Vanguard Group Inc. increasing its stake by 24.0% and Millennium Management LLC raising its stake by 288.9% during the first quarter.

Janney Montgomery Scott LLC acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 40,267 shares of the company's stock, valued at approximately $772,000.

A number of other hedge funds also recently modified their holdings of QUBT. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after buying an additional 1,004,675 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Quantum Computing during the first quarter worth $7,084,000. Millennium Management LLC raised its stake in Quantum Computing by 288.9% during the first quarter. Millennium Management LLC now owns 651,455 shares of the company's stock worth $5,212,000 after acquiring an additional 483,940 shares in the last quarter. UNICOM Systems Inc. raised its stake in Quantum Computing by 90.3% during the first quarter. UNICOM Systems Inc. now owns 656,279 shares of the company's stock worth $5,250,000 after acquiring an additional 311,426 shares in the last quarter. Finally, Swiss National Bank acquired a new position in Quantum Computing during the first quarter worth $1,806,000. Institutional investors own 4.26% of the company's stock.

Quantum Computing Stock Performance

NASDAQ QUBT opened at $21.23 on Thursday. The stock has a fifty day moving average of $17.74 and a 200-day moving average of $14.56. The stock has a market capitalization of $4.76 billion, a P/E ratio of -31.22 and a beta of 3.85. Quantum Computing Inc. has a 52 week low of $0.70 and a 52 week high of $27.15.

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

Insider Transactions at Quantum Computing

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

Analysts Set New Price Targets

Several research firms have issued reports on QUBT. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Ascendiant Capital Markets increased their price objective on Quantum Computing from $22.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, October 3rd. Cantor Fitzgerald assumed coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company. Finally, Lake Street Capital assumed coverage on Quantum Computing in a research report on Thursday, September 18th. They issued a "buy" rating and a $24.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Quantum Computing currently has an average rating of "Hold" and a consensus price target of $26.33.

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.

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