Northern Trust Corp increased its position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 214.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 144,088 shares of the company's stock after buying an additional 98,221 shares during the quarter. Northern Trust Corp owned about 0.11% of Quantum Computing worth $2,385,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also made changes to their positions in QUBT. Vanguard Group Inc. raised its position in shares of Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after buying an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in Quantum Computing in the 4th quarter valued at $13,953,000. CIBC Private Wealth Group LLC acquired a new stake in Quantum Computing in the 4th quarter valued at $11,750,000. UNICOM Systems Inc. acquired a new stake in Quantum Computing in the 4th quarter valued at $5,707,000. Finally, Mission Wealth Management LP acquired a new stake in Quantum Computing in the 4th quarter valued at $1,986,000. 4.26% of the stock is owned by hedge funds and other institutional investors.
Quantum Computing Trading Up 10.3%
Shares of NASDAQ QUBT opened at $13.31 on Friday. The stock has a fifty day moving average price of $7.94 and a 200 day moving average price of $8.66. The company has a market cap of $1.88 billion, a P/E ratio of -45.90 and a beta of 3.74. Quantum Computing Inc. has a 12-month low of $0.35 and a 12-month high of $27.15.
Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.42). The firm had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period in the previous year, the company earned ($0.09) EPS.
Insider Activity
In other news, insider Yuping Huang sold 200,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the firm's stock in a transaction dated 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 sold 739,973 shares of company stock worth $8,012,085 over the last ninety days. Corporate insiders own 19.30% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on QUBT shares. Wall Street Zen upgraded Quantum Computing from a "strong sell" rating to a "hold" rating in a report on Thursday. Ascendiant Capital Markets increased their price target on Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a report on Monday, April 28th.
Read Our Latest Analysis on Quantum Computing
About Quantum Computing
(
Free Report)
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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