PFG Investments LLC Takes Position in Quantum Computing Inc. $QUBT

Key Points

• PFG Investments LLC acquired 58,825 shares of Quantum Computing Inc. (NASDAQ:QUBT), valued at approximately $1,128,000, marking a significant investment in the company during the second quarter.
• CEO Yuping Huang sold 1,000,000 shares at an average price of $14.41, reducing their stake by 4.49%, and has a remaining ownership valued at around $306.76 million.
• Quantum Computing's stock has experienced a 5.3% increase recently, with a current market cap of $3.19 billion and a consensus target price of $20.33 based on various analyst ratings.

PFG Investments LLC acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 58,825 shares of the company's stock, valued at approximately $1,128,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in QUBT. Two Sigma Investments LP acquired a new stake in Quantum Computing in the fourth quarter worth about $657,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Quantum Computing during the 4th quarter worth approximately $166,000. Rhumbline Advisers acquired a new position in Quantum Computing during the first quarter worth $28,000. Veracity Capital LLC lifted its position in shares of Quantum Computing by 93.3% in the first quarter. Veracity Capital LLC now owns 40,060 shares of the company's stock valued at $320,000 after acquiring an additional 19,340 shares in the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new position in Quantum Computing during the first quarter worth about $206,000. Hedge funds and other institutional investors own 4.26% of the company's stock.

Quantum Computing Trading Up 5.3%

Shares of Quantum Computing stock opened at $19.98 on Friday. The stock has a market cap of $3.19 billion, a PE ratio of -29.38 and a beta of 3.85. The company has a 50-day moving average of $16.68 and a two-hundred day moving average of $13.72. Quantum Computing Inc. has a 12-month low of $0.65 and a 12-month high of $27.15.

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 for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to analysts' expectations of $0.10 million.

Insider Transactions at Quantum Computing

In other Quantum Computing news, CEO Yuping Huang sold 1,000,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction 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. This trade represents a 4.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Pouya Dianat sold 17,175 shares of Quantum Computing stock in a transaction dated 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. In the last three months, insiders have sold 1,154,649 shares of company stock worth $16,805,481. Corporate insiders own 19.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on QUBT. Cantor Fitzgerald began coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target for the company. Wall Street Zen cut Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. Lake Street Capital started coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They set a "buy" rating and a $24.00 target price for the company. Finally, Ascendiant Capital Markets increased 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. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Quantum Computing presently has an average rating of "Moderate Buy" and a consensus target price of $20.33.

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.

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