Wealth Enhancement Advisory Services LLC Takes $328,000 Position in Quantum Computing Inc. $QUBT

Key Points

• Wealth Enhancement Advisory Services LLC has acquired a $328,000 position in Quantum Computing Inc. (NASDAQ: QUBT), purchasing 15,538 shares in the second quarter.
• Quantum Computing's stock has fallen 5.4%, with a current price of $20.82, despite it having a market cap of $3.89 billion and a 12-month high of $27.15.
• Analyst ratings vary, with Cantor Fitzgerald issuing a "neutral" rating and a price target of $15.00, while Ascendiant Capital Markets recently raised their target to $40.00 and gave a "buy" rating.

Wealth Enhancement Advisory Services LLC acquired a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,538 shares of the company's stock, valued at approximately $328,000.

Other hedge funds also recently made changes to their positions in the company. Focus Financial Network Inc. raised its position in shares of Quantum Computing by 34.1% in the 2nd quarter. Focus Financial Network Inc. now owns 254,037 shares of the company's stock worth $4,870,000 after acquiring an additional 64,570 shares in the last quarter. Modus Advisors LLC increased its holdings in Quantum Computing by 13.6% in the second quarter. Modus Advisors LLC now owns 19,200 shares of the company's stock worth $368,000 after purchasing an additional 2,300 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Quantum Computing in the second quarter worth approximately $29,000. Rhumbline Advisers bought a new stake in Quantum Computing in the first quarter worth approximately $28,000. Finally, GK Wealth Management LLC bought a new stake in Quantum Computing in the first quarter worth approximately $88,000. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Stock Down 5.4%

QUBT stock opened at $20.82 on Thursday. The firm has a market cap of $3.89 billion, a PE ratio of -30.62 and a beta of 3.85. The business has a 50 day moving average of $17.21 and a 200-day moving average of $14.12. Quantum Computing Inc. has a 12-month low of $0.65 and a 12-month high of $27.15.

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Cantor Fitzgerald started coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a "neutral" rating and a $15.00 target price for the company. Lake Street Capital began coverage on Quantum Computing in a report on Thursday, September 18th. They set a "buy" rating and a $24.00 price objective for the company. Weiss Ratings restated a "sell (e+)" rating on shares of Quantum Computing in a research note on Wednesday. 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. Finally, Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $22.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Quantum Computing presently has an average rating of "Hold" and a consensus price target of $26.33.

Insider Activity at Quantum Computing

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Javad Shabani sold 20,000 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $15.30, for a total value of $306,000.00. Following the transaction, the director directly owned 17,474 shares of the company's stock, valued at approximately $267,352.20. This trade represents a 53.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last ninety days. Corporate insiders own 19.30% of the company's stock.

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.

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