Charles Schwab Investment Management Inc. Boosts Position in Quantum Computing Inc. $QUBT

Charles Schwab Investment Management Inc. increased its holdings in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 66.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,878 shares of the company’s stock after purchasing an additional 20,305 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Quantum Computing were worth $407,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Rhumbline Advisers purchased a new stake in Quantum Computing during the first quarter worth approximately $28,000. Tower Research Capital LLC TRC acquired a new stake in Quantum Computing in the fourth quarter valued at $30,000. Hollencrest Capital Management grew its holdings in Quantum Computing by 60.0% in the first quarter. Hollencrest Capital Management now owns 4,000 shares of the company’s stock valued at $32,000 after purchasing an additional 1,500 shares during the last quarter. KBC Group NV purchased a new stake in shares of Quantum Computing in the first quarter valued at $41,000. Finally, Comerica Bank purchased a new stake in shares of Quantum Computing in the fourth quarter valued at $55,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wall Street Zen downgraded Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Ascendiant Capital Markets raised their price objective on Quantum Computing from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Cantor Fitzgerald assumed coverage on Quantum Computing in a research report on Wednesday, July 2nd. They issued a “neutral” rating and a $15.00 target price for the company. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.50.

Insiders Place Their Bets

In other news, CFO Christopher Boehmler sold 96,679 shares of Quantum Computing stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $15.96, for a total transaction of $1,542,996.84. Following the transaction, the chief financial officer owned 131,060 shares in the company, valued at approximately $2,091,717.60. The trade was a 42.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael C. Turmelle sold 200,986 shares of Quantum Computing stock in a transaction on Monday, June 9th. The shares were 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. Insiders sold a total of 519,871 shares of company stock worth $8,369,064 over the last 90 days. Insiders own 19.30% of the company’s stock.

Quantum Computing Stock Performance

Shares of QUBT stock opened at $14.55 on Thursday. The stock has a market cap of $2.33 billion, a PE ratio of -21.40 and a beta of 3.88. The business’s fifty day moving average is $16.87 and its 200-day moving average is $12.00. Quantum Computing Inc. has a 1 year low of $0.58 and a 1 year high of $27.15.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The company had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.10 million.

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.