Fifth Third Bancorp Makes New Investment in Quantum Computing Inc. $QUBT

Fifth Third Bancorp bought a new stake in Quantum Computing Inc. (NASDAQ:QUBT) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 134,300 shares of the company’s stock, valued at approximately $920,000. Fifth Third Bancorp owned 0.06% of Quantum Computing as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada increased its stake in Quantum Computing by 57.1% in the first quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after acquiring an additional 19,527 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after purchasing an additional 483,940 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Quantum Computing by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after purchasing an additional 2,280 shares in the last quarter. Rhumbline Advisers bought a new position in shares of Quantum Computing in the 1st quarter valued at $28,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Quantum Computing by 12,826.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock valued at $1,046,000 after purchasing an additional 54,129 shares during the last quarter. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on QUBT. Ascendiant Capital Markets upped their price objective on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Wall Street Zen cut Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a report on Wednesday, June 24th. Finally, Northland Securities initiated coverage on shares of Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Quantum Computing currently has a consensus rating of “Hold” and an average target price of $18.33.

Quantum Computing Stock Performance

Shares of QUBT opened at $7.43 on Monday. Quantum Computing Inc. has a 52 week low of $6.18 and a 52 week high of $25.84. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -26.53 and a beta of 3.78. The stock has a fifty day moving average of $9.81 and a 200-day moving average of $9.31.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. As a group, equities analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current year.

Quantum Computing Company Profile

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.