Jump Financial LLC Buys Shares of 69,451 Quantum Computing Inc. $QUBT

Key Points

• Jump Financial LLC has acquired a new stake in Quantum Computing Inc. (NASDAQ:QUBT), purchasing 69,451 shares valued at approximately $556,000 during the 1st quarter.
• Insider sales indicate significant transactions, including Director Michael C. Turmelle selling 200,986 shares for nearly $2.85 million and CFO Christopher Boehmler selling 46,440 shares for $928,800.
• Equities research analysts have set varying price targets for QUBT, with Ascendiant Capital Markets increasing its objective from $14.00 to $22.00, while Wall Street Zen downgraded it to a "strong sell" rating.

Jump Financial LLC purchased a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 69,451 shares of the company's stock, valued at approximately $556,000. Jump Financial LLC owned 0.05% of Quantum Computing at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in QUBT. Cambridge Investment Research Advisors Inc. increased its position in Quantum Computing by 159.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company's stock valued at $270,000 after purchasing an additional 20,731 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in Quantum Computing during the 1st quarter valued at about $798,000. Heck Capital Advisors LLC purchased a new position in Quantum Computing during the 4th quarter valued at about $1,255,000. Teacher Retirement System of Texas purchased a new position in Quantum Computing during the 1st quarter valued at about $136,000. Finally, Stifel Financial Corp purchased a new position in Quantum Computing during the 4th quarter valued at about $679,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Insiders Place Their Bets

In other news, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Christopher Boehmler sold 46,440 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $20.00, for a total transaction of $928,800.00. Following the transaction, the chief financial officer directly owned 351,152 shares in the company, valued at approximately $7,023,040. The trade was a 11.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 519,871 shares of company stock valued at $8,369,064 in the last ninety days. Insiders own 19.30% of the company's stock.

Quantum Computing Stock Performance

Shares of QUBT traded down $0.70 during trading hours on Wednesday, hitting $14.36. The stock had a trading volume of 11,072,057 shares, compared to its average volume of 23,610,990. The firm has a 50-day moving average price of $16.92 and a 200 day moving average price of $11.98. Quantum Computing Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $27.15. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -21.11 and a beta of 3.88.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock. Ascendiant Capital Markets lifted their price objective on shares of 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 cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $18.50.

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.