Vanguard Group Inc. Acquires 1,004,675 Shares of Quantum Computing Inc. $QUBT

Key Points

• Vanguard Group Inc. increased its stake in Quantum Computing Inc. by 24%, acquiring 1,004,675 additional shares, bringing its total ownership to 5,191,404 shares valued at approximately $41.5 million.
• Insider trading revealed that CFO Christopher Boehmler sold 46,440 shares for $928,800, marking an 11.68% decrease in his ownership, while Director Michael C. Turmelle sold 200,986 shares valued at nearly $2.85 million.
• Recent analyst ratings for Quantum Computing stock vary, with Cantor Fitzgerald giving it a "neutral" rating and Ascendiant Capital raising its target price to $22, while Wall Street Zen downgraded it to a "strong sell."

Vanguard Group Inc. boosted its stake in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 24.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,191,404 shares of the company's stock after buying an additional 1,004,675 shares during the period. Vanguard Group Inc. owned about 3.78% of Quantum Computing worth $41,531,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. SLT Holdings LLC acquired a new stake in Quantum Computing during the 1st quarter worth about $262,000. Foundations Investment Advisors LLC acquired a new position in shares of Quantum Computing in the 1st quarter valued at about $267,000. LPL Financial LLC increased its holdings in shares of Quantum Computing by 218.2% in the 1st quarter. LPL Financial LLC now owns 235,628 shares of the company's stock valued at $1,885,000 after purchasing an additional 161,582 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Quantum Computing by 384.3% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,321 shares of the company's stock valued at $243,000 after purchasing an additional 24,060 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Quantum Computing in the 1st quarter valued at about $180,000. Institutional investors and hedge funds own 4.26% of the company's stock.

Quantum Computing Trading Up 8.7%

Quantum Computing stock traded up $1.29 during trading hours on Thursday, reaching $16.10. 24,456,328 shares of the company were exchanged, compared to its average volume of 23,792,965. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -23.68 and a beta of 4.09. The stock has a 50-day moving average of $17.12 and a 200 day moving average of $11.75. Quantum Computing Inc. has a 12 month low of $0.58 and a 12 month high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.06). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Analysts Set New Price Targets

QUBT has been the topic of a number of research reports. Wall Street Zen downgraded Quantum Computing from a "hold" rating to a "strong sell" rating in a report on Saturday, August 16th. Ascendiant Capital Markets upped their target price on Quantum Computing from $14.00 to $22.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald began coverage on Quantum Computing in a report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price on the stock. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

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 transaction of $2,849,981.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Christopher Boehmler sold 96,679 shares of the stock in a transaction 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 transaction, the chief financial officer owned 131,060 shares of the company's stock, valued at $2,091,717.60. This represents a 42.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 519,871 shares of company stock valued at $8,369,064 over the last 90 days. 19.30% of the stock is currently owned by corporate insiders.

About Quantum Computing

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.