Swiss National Bank Takes Position 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 acquired a new stake in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 225,800 shares of the company's stock, valued at approximately $1,806,000. Swiss National Bank owned approximately 0.16% of Quantum Computing as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in QUBT. Rhumbline Advisers acquired a new stake in Quantum Computing in the 1st quarter valued at about $28,000. Tower Research Capital LLC TRC bought a new position in Quantum Computing during the 4th quarter worth approximately $30,000. Hollencrest Capital Management lifted its stake in Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company's stock valued at $32,000 after buying an additional 1,500 shares in the last quarter. KBC Group NV bought a new position in Quantum Computing in the first quarter valued at approximately $41,000. Finally, Comerica Bank bought a new position in Quantum Computing in the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Trading Up 8.7%

Shares of QUBT traded up $1.29 during trading hours on Thursday, reaching $16.10. The stock had a trading volume of 24,488,193 shares, compared to its average volume of 15,321,099. Quantum Computing Inc. has a 12 month low of $0.58 and a 12 month high of $27.15. The firm has a 50-day simple moving average of $17.06 and a 200 day simple moving average of $11.80. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -23.68 and a beta of 4.09.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued 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 company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Transactions at Quantum Computing

In related news, Director Michael C. Turmelle sold 200,986 shares of the business's stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Christopher Boehmler sold 96,679 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total value of $1,542,996.84. Following the completion of the sale, the chief financial officer owned 131,060 shares of the company's stock, valued at $2,091,717.60. The trade was a 42.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 519,871 shares of company stock valued at $8,369,064 in the last ninety days. Insiders own 19.30% of the company's stock.

Analyst Ratings Changes

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

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.