Van ECK Associates Corp Has $12.78 Million Stock Holdings in Quantum Computing Inc. $QUBT

Key Points

• Van ECK Associates increased its Quantum Computing stake by 35.6% in the second quarter, holding 1.32 million shares worth approximately $12.78 million. Institutional investors collectively own 4.26% of QUBT.
• Quantum Computing reported a quarterly loss of $0.05 per share, missing estimates by $0.02, while revenue of $5.55 million exceeded expectations. Analysts project a full-year loss of $0.18 per share.
• QUBT shares opened at $8.23, well below their 52-week high of $25.84. Analyst opinion is mixed, with an overall “Hold” rating and an average price target of $18.67.

Van ECK Associates Corp boosted its stake in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 35.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,317,352 shares of the company's stock after buying an additional 345,750 shares during the quarter. Van ECK Associates Corp owned approximately 0.58% of Quantum Computing worth $12,778,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of QUBT. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing during the second quarter worth $33,000. Triumph Capital Management acquired a new position in Quantum Computing in the 3rd quarter worth about $45,000. International Assets Investment Management LLC purchased a new stake in shares of Quantum Computing during the 4th quarter worth about $26,000. Tucker Asset Management LLC bought a new stake in shares of Quantum Computing in the 4th quarter valued at approximately $29,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Quantum Computing in the 2nd quarter valued at approximately $29,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Quantum Computing Stock Performance

Shares of NASDAQ QUBT opened at $8.23 on Tuesday. The business's 50-day simple moving average is $8.62 and its 200-day simple moving average is $8.86. Quantum Computing Inc. has a 52 week low of $6.18 and a 52 week high of $25.84. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -117.55 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $5.55 million during the quarter, compared to analysts' expectations of $5.15 million. As a group, equities research analysts forecast that Quantum Computing Inc. will post -0.18 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on QUBT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Quantum Computing in a report on Wednesday, June 24th. Ascendiant Capital Markets lifted their target price on shares of Quantum Computing from $30.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, August 26th. Cantor Fitzgerald reissued a "neutral" rating and issued a $10.00 target price on shares of Quantum Computing in a research report on Tuesday, August 11th. Lake Street Capital restated a "buy" rating on shares of Quantum Computing in a research note on Monday, July 6th. Finally, Wedbush began coverage on shares of Quantum Computing in a report on Monday, August 3rd. They set a "neutral" rating and a $12.00 price target on the stock. Four 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 company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $18.67.

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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