Quantum Computing Inc. (NASDAQ:QUBT) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its position in Quantum Computing Inc. (NASDAQ:QUBT) by 35.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,470 shares of the company’s stock after purchasing an additional 11,489 shares during the period. Envestnet Asset Management Inc.’s holdings in Quantum Computing were worth $348,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of QUBT. Alyeska Investment Group L.P. acquired a new position in shares of Quantum Computing in the fourth quarter valued at about $69,613,000. Anson Funds Management LP acquired a new stake in Quantum Computing during the fourth quarter worth about $70,006,000. Vanguard Group Inc. grew its holdings in Quantum Computing by 83.6% during the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in Quantum Computing during the fourth quarter worth about $13,953,000. Finally, Bank of America Corp DE grew its holdings in Quantum Computing by 67,931.3% during the fourth quarter. Bank of America Corp DE now owns 367,369 shares of the company’s stock worth $6,080,000 after acquiring an additional 366,829 shares during the period. 4.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Quantum Computing Stock Performance

Shares of Quantum Computing stock opened at $15.76 on Friday. Quantum Computing Inc. has a one year low of $0.57 and a one year high of $27.15. The company has a market cap of $2.52 billion, a price-to-earnings ratio of -32.83 and a beta of 4.09. The business’s 50 day moving average price is $17.12 and its 200 day moving average price is $11.24.

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

Insider Transactions at Quantum Computing

In related news, CFO Christopher Boehmler sold 46,440 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $20.00, for a total transaction of $928,800.00. Following the completion of the transaction, the chief financial officer directly owned 351,152 shares of the company’s stock, valued at $7,023,040. The trade was a 11.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael C. Turmelle sold 200,986 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Over the last three months, insiders sold 1,059,844 shares of company stock valued at $14,685,149. Corporate insiders own 19.30% of the company’s stock.

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.