Bank of America Corp DE Has $6.08 Million Stock Position in Quantum Computing Inc. (NASDAQ:QUBT)

Bank of America Corp DE raised its stake in Quantum Computing Inc. (NASDAQ:QUBT) by 67,931.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 367,369 shares of the company’s stock after buying an additional 366,829 shares during the quarter. Bank of America Corp DE owned about 0.27% of Quantum Computing worth $6,080,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Tower Research Capital LLC TRC acquired a new stake in shares of Quantum Computing during the fourth quarter worth $30,000. Archer Investment Corp bought a new position in Quantum Computing during the 4th quarter worth about $33,000. IFP Advisors Inc acquired a new stake in shares of Quantum Computing in the 4th quarter valued at about $33,000. Farther Finance Advisors LLC acquired a new stake in shares of Quantum Computing in the 4th quarter valued at about $33,000. Finally, Hollencrest Capital Management bought a new stake in shares of Quantum Computing in the fourth quarter valued at about $41,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Ascendiant Capital Markets upped their price target on Quantum Computing from $8.50 to $14.00 and gave the stock a “buy” rating in a research report on Monday, April 28th.

Quantum Computing Trading Up 10.3%

Shares of QUBT opened at $13.31 on Tuesday. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -45.90 and a beta of 3.74. Quantum Computing Inc. has a 12 month low of $0.35 and a 12 month high of $27.15. The firm has a fifty day simple moving average of $8.04 and a 200 day simple moving average of $8.79.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The firm had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period last year, the company posted ($0.09) EPS.

Insider Buying and Selling

In related news, insider Yuping Huang sold 200,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $8.48, for a total value of $1,696,000.00. Following the completion of the transaction, the insider now directly owns 24,051,256 shares of the company’s stock, valued at approximately $203,954,650.88. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Javad Shabani sold 39,973 shares of the business’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $11.66, for a total transaction of $466,085.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 739,973 shares of company stock worth $8,012,085. Corporate 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.