Millennium Management LLC Acquires New Stake in Quantum Computing Inc. (NASDAQ:QUBT)

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

A number of other large investors also recently bought and sold shares of QUBT. Janney Montgomery Scott LLC purchased a new stake in Quantum Computing in the 4th quarter valued at approximately $786,000. Heck Capital Advisors LLC acquired a new position in Quantum Computing in the 4th quarter valued at about $1,255,000. Archer Investment Corp acquired a new stake in Quantum Computing during the fourth quarter worth approximately $33,000. Focus Financial Network Inc. acquired a new stake in shares of Quantum Computing during the fourth quarter worth $1,536,000. Finally, Essex Financial Services Inc. purchased a new position in Quantum Computing during the fourth quarter worth about $174,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Analysts Set New Price Targets

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

Quantum Computing Stock Up 1.7%

Shares of Quantum Computing stock traded up $0.20 during trading hours on Tuesday, hitting $12.00. The company's stock had a trading volume of 11,396,387 shares, compared to its average volume of 19,316,013. The company has a market capitalization of $1.69 billion, a PE ratio of -41.38 and a beta of 3.74. The business has a fifty day moving average of $8.46 and a 200 day moving average of $9.13. 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 released its quarterly earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The business 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) EPS.

Insider Buying and Selling

In other Quantum Computing news, insider Yuping Huang sold 500,000 shares of Quantum Computing stock in a transaction on Monday, May 19th. The shares were 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 now owns 21,236,906 shares of the company's stock, valued at $248,471,800.20. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 739,973 shares of company stock worth $8,012,085. 19.30% of the stock is currently owned by corporate insiders.

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.