Renaissance Technologies LLC Purchases 532,451 Shares of Quantum Computing Inc. $QUBT

Key Points

• Renaissance Technologies increased its Quantum Computing position by 393.8% in the first quarter, purchasing 532,451 additional shares for a total stake of 667,674 shares valued at approximately $4.6 million.
• Other major institutions, including Vanguard, Marex Group, Geode Capital and State Street, also expanded their holdings; institutional investors collectively own 4.26% of QUBT.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $18.33. QUBT opened at $8.77, while the company reported quarterly revenue of $3.69 million and an adjusted loss of $0.02 per share.

Renaissance Technologies LLC raised its position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 393.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 667,674 shares of the company's stock after buying an additional 532,451 shares during the quarter. Renaissance Technologies LLC owned about 0.30% of Quantum Computing worth $4,574,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company's stock worth $172,793,000 after acquiring an additional 4,643,818 shares in the last quarter. Marex Group plc grew its holdings in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company's stock valued at $84,872,000 after purchasing an additional 5,945,679 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in Quantum Computing in the third quarter worth $123,014,000. Geode Capital Management LLC increased its position in Quantum Computing by 45.5% in the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company's stock worth $46,846,000 after purchasing an additional 1,428,120 shares during the last quarter. Finally, State Street Corp raised its stake in Quantum Computing by 44.1% during the fourth quarter. State Street Corp now owns 4,344,023 shares of the company's stock valued at $44,570,000 after purchasing an additional 1,329,433 shares in the last quarter. Institutional investors own 4.26% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Cantor Fitzgerald reiterated a "neutral" rating and set a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Rosenblatt Securities restated a "buy" rating and issued a $22.00 target price on shares of Quantum Computing in a report on Monday, June 29th. Lake Street Capital restated a "buy" rating on shares of Quantum Computing in a research report on Monday, July 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Quantum Computing in a report on Wednesday, June 24th. Finally, Wedbush began coverage on Quantum Computing in a research report on Monday. They issued a "neutral" rating and a $12.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Quantum Computing currently has a consensus rating of "Hold" and an average price target of $18.33.

Quantum Computing Trading Down 1.2%

Shares of QUBT opened at $8.77 on Friday. Quantum Computing Inc. has a twelve month low of $6.18 and a twelve month high of $25.84. The company has a market cap of $1.98 billion, a P/E ratio of -31.32 and a beta of 3.74. The company's fifty day simple moving average is $9.31 and its 200-day simple moving average is $9.07.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million for the quarter, compared to analysts' expectations of $3.13 million. Analysts predict that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Quantum Computing Company Profile

Quantum Computing Inc NASDAQ: QUBT is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company's flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

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