Pacific Heights Asset Management LLC Invests $7.67 Million in Quantum Computing Inc. $QUBT

Key Points

• Pacific Heights Asset Management LLC invested approximately $7.67 million in Quantum Computing Inc., acquiring around 400,000 shares in the second quarter.
• CEO Yuping Huang sold 1 million shares of Quantum Computing stock for about $14.41 million, resulting in a 4.49% decrease in their ownership.
• Analysts have mixed opinions on Quantum Computing, with two giving it a Buy rating, one a Hold rating, and another a Sell rating, alongside a consensus price target of $26.33.

Pacific Heights Asset Management LLC purchased a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 400,000 shares of the company's stock, valued at approximately $7,668,000. Pacific Heights Asset Management LLC owned about 0.25% of Quantum Computing as of its most recent SEC filing.

Several other large investors also recently modified their holdings of QUBT. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 24.0% during the 1st quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company's stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Quantum Computing during the 1st quarter worth approximately $7,084,000. Millennium Management LLC increased its stake in shares of Quantum Computing by 288.9% during the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company's stock worth $5,212,000 after purchasing an additional 483,940 shares during the last quarter. UNICOM Systems Inc. increased its stake in shares of Quantum Computing by 90.3% during the 1st quarter. UNICOM Systems Inc. now owns 656,279 shares of the company's stock worth $5,250,000 after purchasing an additional 311,426 shares during the last quarter. Finally, Swiss National Bank purchased a new position in Quantum Computing in the 1st quarter valued at approximately $1,806,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Insider Activity at Quantum Computing

In related news, CEO Yuping Huang sold 1,000,000 shares of the company's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $14.41, for a total value of $14,410,000.00. Following the completion of the transaction, the chief executive officer directly owned 21,287,718 shares in the company, valued at approximately $306,756,016.38. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Pouya Dianat sold 17,175 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,649 shares of company stock valued at $16,805,481 over the last ninety days. 19.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on QUBT. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 price objective for the company. Finally, Lake Street Capital began coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They issued a "buy" rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $26.33.

Quantum Computing Price Performance

QUBT opened at $16.00 on Wednesday. The company has a fifty day moving average price of $17.85 and a 200-day moving average price of $14.88. The firm has a market capitalization of $3.59 billion, a P/E ratio of -23.53 and a beta of 3.85. Quantum Computing Inc. has a one year low of $1.00 and a one year high of $27.15.

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

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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