Bank of New York Mellon Corp Makes New $156,000 Investment in Quantum Computing Inc. (NASDAQ:QUBT)

Bank of New York Mellon Corp acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 19,554 shares of the company’s stock, valued at approximately $156,000.

A number of other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in Quantum Computing in the 1st quarter worth approximately $136,000. KBC Group NV bought a new position in shares of Quantum Computing during the 1st quarter valued at approximately $41,000. Flagship Harbor Advisors LLC increased its position in shares of Quantum Computing by 42.5% during the 1st quarter. Flagship Harbor Advisors LLC now owns 17,100 shares of the company’s stock valued at $137,000 after purchasing an additional 5,100 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Quantum Computing by 159.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company’s stock valued at $270,000 after buying an additional 20,731 shares during the period. Finally, Silverleafe Capital Partners LLC bought a new stake in Quantum Computing in the first quarter worth $226,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Trading Up 8.3%

Shares of QUBT stock opened at $16.89 on Wednesday. Quantum Computing Inc. has a twelve month low of $0.57 and a twelve month high of $27.15. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of -35.19 and a beta of 4.09. The stock has a fifty day simple moving average of $16.98 and a two-hundred day simple moving average of $11.17.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.13 earnings per share for the quarter, topping 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.

Analyst Ratings Changes

Several research firms have commented on QUBT. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Cantor Fitzgerald started coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a “neutral” rating and a $15.00 price objective on the stock. Finally, Wall Street Zen raised Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd.

Insider Transactions at Quantum Computing

In other news, Director Javad Shabani sold 39,973 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $11.66, for a total value of $466,085.18. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Christopher Boehmler sold 96,679 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total value of $1,542,996.84. Following the transaction, the chief financial officer owned 131,060 shares in the company, valued at $2,091,717.60. This represents a 42.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,059,844 shares of company stock valued at $14,685,149 over the last three months. Company 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.