LPL Financial LLC Has $1.89 Million Stock Position in Quantum Computing Inc. $QUBT

Key Points

• LPL Financial LLC increased its stake in Quantum Computing Inc. by 218.2% in the first quarter, now owning approximately $1.89 million worth of stock.
• Insiders, including Director Michael C. Turmelle and CFO Christopher Boehmler, have recently sold significant amounts of stock, with a total of 519,871 shares worth approximately $8.37 million sold in the last quarter.
• Analysts hold a consensus rating of "Moderate Buy" for Quantum Computing shares, with a target price averaging $18.50.

LPL Financial LLC raised its position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 218.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 235,628 shares of the company's stock after acquiring an additional 161,582 shares during the period. LPL Financial LLC owned approximately 0.17% of Quantum Computing worth $1,885,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers purchased a new position in shares of Quantum Computing during the first quarter valued at approximately $28,000. Tower Research Capital LLC TRC purchased a new position in shares of Quantum Computing during the fourth quarter valued at approximately $30,000. Hollencrest Capital Management boosted its position in shares of Quantum Computing by 60.0% during the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after buying an additional 1,500 shares during the last quarter. KBC Group NV purchased a new position in shares of Quantum Computing during the first quarter valued at approximately $41,000. Finally, Comerica Bank purchased a new position in shares of Quantum Computing during the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total transaction of $2,849,981.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Christopher Boehmler sold 46,440 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the sale, the chief financial officer owned 351,152 shares in the company, valued at approximately $7,023,040. The trade was a 11.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 519,871 shares of company stock worth $8,369,064. 19.30% of the stock is currently owned by corporate insiders.

Quantum Computing Price Performance

Shares of NASDAQ QUBT opened at $14.62 on Thursday. Quantum Computing Inc. has a one year low of $0.58 and a one year high of $27.15. The stock has a market capitalization of $2.34 billion, a PE ratio of -21.50 and a beta of 4.09. The business's fifty day moving average price is $17.49 and its 200-day moving average price is $11.56.

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on QUBT shares. Ascendiant Capital Markets lifted their price target on Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wall Street Zen lowered Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Finally, Cantor Fitzgerald started coverage on Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

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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