Ameriprise Financial Inc. Purchases New Position in Quantum Computing Inc. (NASDAQ:QUBT)

Ameriprise Financial Inc. purchased a new stake in Quantum Computing Inc. (NASDAQ:QUBT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 43,034 shares of the company’s stock, valued at approximately $712,000.

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

Insider Buying and Selling

In other news, insider Yuping Huang sold 500,000 shares of the company’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.70, for a total transaction of $5,850,000.00. Following the completion of the sale, the insider now owns 21,236,906 shares of the company’s stock, valued at $248,471,800.20. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Javad Shabani sold 39,973 shares of the firm’s stock in a transaction dated 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. In the last three months, insiders have sold 739,973 shares of company stock worth $8,012,085. Insiders own 19.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on QUBT. Wall Street Zen raised shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Ascendiant Capital Markets boosted their price objective on Quantum Computing from $8.50 to $14.00 and gave the company a “buy” rating in a research report on Monday, April 28th.

Quantum Computing Stock Performance

NASDAQ:QUBT opened at $11.80 on Tuesday. The stock has a market capitalization of $1.66 billion, a PE ratio of -40.69 and a beta of 3.74. Quantum Computing Inc. has a fifty-two week low of $0.35 and a fifty-two week high of $27.15. The company has a fifty day moving average of $8.46 and a two-hundred day moving average of $9.13.

Quantum Computing (NASDAQ:QUBT) last released its earnings results 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 analyst estimates of $0.20 million. During the same period in the prior year, the company earned ($0.09) earnings per share.

Quantum Computing Company 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.