Swiss National Bank Acquires New Holdings in Quantum Computing Inc. $QUBT

Key Points

• The Swiss National Bank acquired a new position in Quantum Computing Inc. ($QUBT), purchasing 225,800 shares valued at approximately $1.81 million during the 1st quarter.
• Analyst ratings for Quantum Computing have been mixed, with reports including a downgrade to "strong sell" by Wall Street Zen and a target price increase to $22.00 by Ascendiant Capital Markets.
• Insider sales included significant transactions by Director Michael C. Turmelle and CFO Christopher Boehmler, resulting in over 519,000 shares sold collectively within the last three months.

Swiss National Bank purchased a new position in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 225,800 shares of the company's stock, valued at approximately $1,806,000. Swiss National Bank owned 0.16% of Quantum Computing at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Quantum Computing by 24.0% in the first 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. Anson Funds Management LP purchased a new position in shares of Quantum Computing in the fourth quarter worth $70,006,000. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing in the fourth quarter worth $69,613,000. UNICOM Systems Inc. increased its stake in shares of Quantum Computing by 90.3% in the first quarter. UNICOM Systems Inc. now owns 656,279 shares of the company's stock worth $5,250,000 after buying an additional 311,426 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Quantum Computing by 67,931.3% in the fourth quarter. Bank of America Corp DE now owns 367,369 shares of the company's stock valued at $6,080,000 after acquiring an additional 366,829 shares in the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Quantum Computing news, Director Michael C. Turmelle sold 200,986 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Christopher Boehmler sold 46,440 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total value of $928,800.00. Following the transaction, the chief financial officer owned 351,152 shares in the company, valued at approximately $7,023,040. This represents a 11.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 519,871 shares of company stock worth $8,369,064. Insiders own 19.30% of the company's stock.

Analyst Upgrades and Downgrades

QUBT has been the topic of a number of research reports. Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald started coverage on shares of Quantum Computing in a report on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 target price on the stock. Finally, Wall Street Zen cut shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.50.

Quantum Computing Stock Down 0.4%

QUBT stock traded down $0.06 during midday trading on Wednesday, hitting $15.18. The company's stock had a trading volume of 8,943,527 shares, compared to its average volume of 23,766,502. Quantum Computing Inc. has a 12 month low of $0.58 and a 12 month high of $27.15. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -22.33 and a beta of 4.09. The company has a 50 day moving average of $17.21 and a two-hundred day moving average of $11.73.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its 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 the consensus estimate 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.