Raymond James Financial Inc. Acquires Shares of 116,273 Quantum Computing Inc. (NASDAQ:QUBT)

Raymond James Financial Inc. acquired a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 116,273 shares of the company's stock, valued at approximately $1,924,000. Raymond James Financial Inc. owned 0.08% of Quantum Computing at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock valued at $69,290,000 after buying an additional 1,906,749 shares in the last quarter. Geode Capital Management LLC raised its position in Quantum Computing by 11.0% during the fourth quarter. Geode Capital Management LLC now owns 762,588 shares of the company's stock valued at $12,627,000 after purchasing an additional 75,380 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in Quantum Computing during the fourth quarter worth $11,750,000. UNICOM Systems Inc. acquired a new stake in shares of Quantum Computing in the 4th quarter valued at $5,707,000. Finally, Mission Wealth Management LP bought a new position in shares of Quantum Computing in the 4th quarter valued at $1,986,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Quantum Computing

In other Quantum Computing news, insider Yuping Huang sold 200,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the transaction, the insider now owns 24,051,256 shares in the company, valued at approximately $203,954,650.88. This represents a 0.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 31.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lifted their price target on shares of Quantum Computing from $8.50 to $14.00 and gave the company a "buy" rating in a report on Monday, April 28th.

Quantum Computing Stock Up 14.1 %

QUBT traded up $0.99 during midday trading on Friday, hitting $8.01. 13,761,744 shares of the company were exchanged, compared to its average volume of 16,995,559. The firm's 50 day moving average price is $6.78 and its 200-day moving average price is $7.80. Quantum Computing Inc. has a 1-year low of $0.35 and a 1-year high of $27.15. The firm has a market capitalization of $1.10 billion, a P/E ratio of -27.62 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT - Get Free Report) last issued its earnings results on Thursday, March 20th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.42). The business had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.20 million. During the same period in the prior year, the firm posted ($0.09) EPS.

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.