Avantax Advisory Services Inc. Lowers Stock Position in Quantum Computing Inc. (NASDAQ:QUBT)

Avantax Advisory Services Inc. cut its holdings in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 20.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,106 shares of the company’s stock after selling 8,709 shares during the period. Avantax Advisory Services Inc.’s holdings in Quantum Computing were worth $273,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Rhumbline Advisers purchased a new position in Quantum Computing in the 1st quarter valued at $28,000. Tower Research Capital LLC TRC purchased a new position in Quantum Computing in the 4th quarter valued at $30,000. Hollencrest Capital Management grew its position in Quantum Computing by 60.0% in the 1st quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after buying an additional 1,500 shares during the last quarter. KBC Group NV purchased a new position in Quantum Computing in the 1st quarter valued at $41,000. Finally, Comerica Bank purchased a new position in Quantum Computing in the 4th quarter valued at $55,000. 4.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

QUBT has been the topic of a number of analyst reports. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Quantum Computing from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald initiated coverage on shares of Quantum Computing in a research report on Wednesday, July 2nd. They issued a “neutral” rating and a $15.00 price objective on the stock.

Quantum Computing Stock Performance

Shares of NASDAQ QUBT opened at $16.13 on Friday. The firm has a market capitalization of $2.58 billion, a P/E ratio of -33.60 and a beta of 4.09. Quantum Computing Inc. has a one year low of $0.57 and a one year high of $27.15. The company’s fifty day moving average is $17.21 and its two-hundred day moving average is $11.27.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Thursday, May 15th. The company reported $0.13 EPS for the quarter, topping the consensus estimate 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.

Insider Activity at Quantum Computing

In other Quantum Computing news, CFO Christopher Boehmler sold 46,440 shares of the business’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $20.00, for a total transaction of $928,800.00. Following the sale, the chief financial officer directly owned 351,152 shares in the company, valued at approximately $7,023,040. The trade was a 11.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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. Insiders have sold a total of 1,059,844 shares of company stock valued at $14,685,149 over the last 90 days. Company insiders own 19.30% of the company’s stock.

About Quantum Computing

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.