Vanguard Group Inc. Grows Stock Holdings in 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. grew its holdings in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,191,404 shares of the company's stock after purchasing an additional 1,004,675 shares during the quarter. Vanguard Group Inc. owned approximately 3.78% of Quantum Computing worth $41,531,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Anson Funds Management LP bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $70,006,000. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing during the 4th quarter worth approximately $69,613,000. Bank of America Corp DE raised its stake in shares of Quantum Computing by 67,931.3% during the 4th quarter. Bank of America Corp DE now owns 367,369 shares of the company's stock worth $6,080,000 after acquiring an additional 366,829 shares in the last quarter. UNICOM Systems Inc. raised its stake in shares of Quantum Computing by 90.3% during the 1st quarter. UNICOM Systems Inc. now owns 656,279 shares of the company's stock worth $5,250,000 after acquiring an additional 311,426 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Quantum Computing by 1,896.4% during the 1st quarter. Victory Capital Management Inc. now owns 228,912 shares of the company's stock worth $1,831,000 after acquiring an additional 217,446 shares in the last quarter. Institutional investors own 4.26% of the company's stock.

Wall Street Analyst Weigh In

QUBT has been the subject of several recent analyst reports. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price objective for the company. Finally, Wall Street Zen lowered shares of Quantum Computing from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 16th. 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Quantum Computing Stock Down 2.0%

Shares of Quantum Computing stock traded down $0.32 on Friday, reaching $15.78. 14,520,354 shares of the stock were exchanged, compared to its average volume of 15,803,859. The business has a 50 day moving average price of $17.00 and a two-hundred day moving average price of $11.88. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -23.21 and a beta of 4.09. Quantum Computing Inc. has a twelve month low of $0.58 and a twelve month high of $27.15.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last posted its quarterly 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 business had revenue of $0.06 million for the quarter, compared to analysts' expectations of $0.10 million.

Insider Buying and Selling at Quantum Computing

In other news, CFO Christopher Boehmler sold 46,440 shares of the company'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 sale, the chief financial officer directly owned 351,152 shares of the company's stock, valued at $7,023,040. This represents a 11.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $14.18, for a total transaction of $2,849,981.48. The disclosure for this sale can be found here. Insiders sold a total of 519,871 shares of company stock worth $8,369,064 over the last ninety days. Insiders own 19.30% of the company's stock.

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.