Millennium Management LLC Makes New $2.77 Million Investment in Quantum Computing Inc. (NASDAQ:QUBT)

Millennium Management LLC purchased a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 167,515 shares of the company's stock, valued at approximately $2,772,000. Millennium Management LLC owned approximately 0.12% of Quantum Computing as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the stock. Cetera Investment Advisers purchased a new stake in shares of Quantum Computing during the fourth quarter worth about $584,000. Bank of America Corp DE increased its stake in Quantum Computing by 67,931.3% during the 4th quarter. Bank of America Corp DE now owns 367,369 shares of the company's stock worth $6,080,000 after buying an additional 366,829 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Quantum Computing during the fourth quarter valued at approximately $712,000. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing during the fourth quarter valued at approximately $69,613,000. Finally, Anson Funds Management LP purchased a new position in shares of Quantum Computing in the fourth quarter valued at approximately $70,006,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Stock Up 3.5%

QUBT traded up $0.43 during trading on Wednesday, reaching $12.83. The company's stock had a trading volume of 12,926,389 shares, compared to its average volume of 19,456,028. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -44.24 and a beta of 3.74. The firm has a fifty day simple moving average of $8.64 and a two-hundred day simple moving average of $9.18. Quantum Computing Inc. has a 1 year low of $0.35 and a 1 year high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.20 million. During the same period in the previous year, the company posted ($0.09) earnings per share.

Wall Street Analysts Forecast Growth

QUBT has been the subject of several research reports. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets upped their target price on shares of Quantum Computing from $8.50 to $14.00 and gave the stock a "buy" rating in a report on Monday, April 28th.

Insiders Place Their Bets

In other news, Director Javad Shabani sold 39,973 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $11.66, for a total value of $466,085.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 739,973 shares of company stock valued at $8,012,085 in the last three months. 19.30% of the stock is currently owned by insiders.

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.