Quantum Computing Inc. (NASDAQ:QUBT) Holdings Raised by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. increased its holdings in Quantum Computing Inc. by 1,896.4%, now owning 228,912 shares worth approximately $1.83 million.
• Several institutional investors, including Cambridge Investment Research Advisors and Raymond James Financial, have recently made significant investments in Quantum Computing, increasing their total ownership to 4.26% of the company's stock.
• Quantum Computing reported $0.13 earnings per share for the last quarter, surpassing analysts' estimates, but its revenue was below expectations at only $0.04 million.

Victory Capital Management Inc. grew its holdings in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) by 1,896.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 228,912 shares of the company's stock after purchasing an additional 217,446 shares during the quarter. Victory Capital Management Inc. owned approximately 0.17% of Quantum Computing worth $1,831,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in shares of Quantum Computing during the 1st quarter valued at about $28,000. Tower Research Capital LLC TRC acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $30,000. KBC Group NV acquired a new position in shares of Quantum Computing during the 1st quarter valued at about $41,000. Comerica Bank acquired a new position in shares of Quantum Computing during the 4th quarter valued at about $55,000. Finally, CWM LLC boosted its position in shares of Quantum Computing by 192.4% during the 1st quarter. CWM LLC now owns 10,314 shares of the company's stock valued at $83,000 after acquiring an additional 6,787 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company's stock.

Insider Buying and Selling

In related news, CFO Christopher Boehmler sold 46,440 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total transaction of $928,800.00. Following the transaction, the chief financial officer directly owned 351,152 shares of the company's stock, valued at approximately $7,023,040. The trade was a 11.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,059,844 shares of company stock worth $14,685,149. 19.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of Quantum Computing from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald assumed coverage on shares of Quantum Computing in a research note on Wednesday, July 2nd. They set a "neutral" rating and a $15.00 price target on the stock. Finally, Ascendiant Capital Markets boosted their price target 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.

Quantum Computing Stock Down 4.2%

Shares of NASDAQ QUBT traded down $0.64 during mid-day trading on Wednesday, hitting $14.73. 11,881,097 shares of the company were exchanged, compared to its average volume of 18,254,202. The stock has a 50 day simple moving average of $16.69 and a 200-day simple moving average of $10.95. Quantum Computing Inc. has a 1-year low of $0.53 and a 1-year high of $27.15. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -30.69 and a beta of 3.96.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.18. The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.30 million.

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.