Rhumbline Advisers Takes $28,000 Position in Quantum Computing Inc. (NASDAQ:QUBT)

Rhumbline Advisers purchased a new position in Quantum Computing Inc. (NASDAQ:QUBT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,490 shares of the company’s stock, valued at approximately $28,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new stake in Quantum Computing during the fourth quarter valued at approximately $30,000. IFP Advisors Inc acquired a new position in shares of Quantum Computing during the fourth quarter worth $33,000. Farther Finance Advisors LLC acquired a new position in shares of Quantum Computing during the fourth quarter worth $33,000. Hollencrest Capital Management purchased a new stake in shares of Quantum Computing during the 4th quarter valued at $41,000. Finally, Signaturefd LLC acquired a new stake in shares of Quantum Computing in the 4th quarter worth $43,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QUBT. 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 boosted their price target on 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 Trading Up 0.3%

Shares of Quantum Computing stock opened at $16.79 on Friday. The firm’s 50 day simple moving average is $11.92 and its two-hundred day simple moving average is $10.41. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -34.98 and a beta of 3.85. Quantum Computing Inc. has a 12-month low of $0.35 and a 12-month high of $27.15.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.18. The company had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million.

Insiders Place Their Bets

In related news, Director Michael C. Turmelle sold 200,986 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $14.18, for a total value of $2,849,981.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Christopher Boehmler sold 92,271 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $15.00, for a total transaction of $1,384,065.00. Following the completion of the transaction, the chief financial officer now owns 227,739 shares in the company, valued at approximately $3,416,085. This trade represents a 28.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,059,844 shares of company stock valued at $14,685,149. 19.30% of the stock is owned by company insiders.

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.