KLP Kapitalforvaltning AS Invests $180,000 in Quantum Computing Inc. (NASDAQ:QUBT)

Key Points

• KLP Kapitalforvaltning AS has invested approximately $180,000 in Quantum Computing Inc. (NASDAQ: QUBT), acquiring 22,500 shares in the process.
• Several hedge funds have significantly increased their stakes in Quantum Computing, with Anson Funds Management LP investing around $70 million in the fourth quarter.
• Analysts have shown positive sentiment, with Wall Street Zen upgrading the stock from a "strong sell" to a "hold," and Ascendiant Capital Markets raising the target price from $14.00 to $22.00 while issuing a "buy" rating.

KLP Kapitalforvaltning AS bought a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 22,500 shares of the company's stock, valued at approximately $180,000.

Other institutional investors also recently bought and sold shares of the company. Anson Funds Management LP acquired a new stake in Quantum Computing during the 4th quarter valued at approximately $70,006,000. Alyeska Investment Group L.P. acquired a new position in Quantum Computing during the fourth quarter valued at $69,613,000. Vanguard Group Inc. lifted its position in Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after purchasing an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. acquired a new position in Quantum Computing during the fourth quarter valued at $13,953,000. Finally, Geode Capital Management LLC lifted its position in Quantum Computing by 11.0% during the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock valued at $12,627,000 after purchasing an additional 75,380 shares during the period. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Quantum Computing Trading Down 0.3%

Shares of Quantum Computing stock traded down $0.04 during trading hours on Friday, reaching $14.80. The stock had a trading volume of 12,279,713 shares, compared to its average volume of 16,707,997. Quantum Computing Inc. has a twelve month low of $0.53 and a twelve month high of $27.15. The stock's 50 day moving average is $16.86 and its 200 day moving average is $11.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results 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 for the quarter, compared to analyst estimates of $0.30 million.

Insider Activity at Quantum Computing

In related news, insider Yuping Huang sold 500,000 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.70, for a total value of $5,850,000.00. Following the completion of the transaction, the insider directly owned 21,236,906 shares of the company's stock, valued at approximately $248,471,800.20. This represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. Insiders have sold 1,059,844 shares of company stock worth $14,685,149 in the last quarter. Company insiders own 19.30% of the company's stock.

Quantum Computing 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.