1,019,460 Shares in Quantum Computing Inc. $QUBT Acquired by Penserra Capital Management LLC

Penserra Capital Management LLC acquired a new stake in shares of Quantum Computing Inc. (NASDAQ:QUBT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,019,460 shares of the company’s stock, valued at approximately $19,543,000.

Several other hedge funds also recently bought and sold shares of QUBT. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 24.0% during the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Quantum Computing in the first quarter worth about $7,084,000. Millennium Management LLC increased its stake in Quantum Computing by 288.9% in the 1st quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock worth $5,212,000 after buying an additional 483,940 shares during the period. Pacific Heights Asset Management LLC purchased a new position in Quantum Computing in the 2nd quarter worth about $7,668,000. Finally, UNICOM Systems Inc. boosted its position in Quantum Computing by 90.3% in the 1st quarter. UNICOM Systems Inc. now owns 656,279 shares of the company’s stock valued at $5,250,000 after buying an additional 311,426 shares during the period. Institutional investors own 4.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on QUBT. Ascendiant Capital Markets raised their target price on shares of Quantum Computing from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Wall Street Zen cut Quantum Computing from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Finally, Lake Street Capital began coverage on Quantum Computing in a report on Thursday, September 18th. They issued a “buy” rating and a $24.00 target price for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Quantum Computing presently has an average rating of “Hold” and a consensus target price of $26.33.

Quantum Computing Stock Down 2.2%

Shares of QUBT stock opened at $12.86 on Friday. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -18.91 and a beta of 3.82. Quantum Computing Inc. has a 52-week low of $1.24 and a 52-week high of $27.15. The company’s 50 day moving average is $17.72 and its 200 day moving average is $15.63.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Thursday, August 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.10 million.

Insider Buying and Selling

In other Quantum Computing news, Director Robert B. Fagenson sold 5,000 shares of Quantum Computing stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $16.88, for a total value of $84,400.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Yuping Huang sold 1,000,000 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $14.41, for a total transaction of $14,410,000.00. Following the completion of the sale, the chief executive officer owned 21,287,718 shares in the company, valued at $306,756,016.38. This represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,154,649 shares of company stock worth $16,805,481 in the last three months. 19.30% of the stock is owned by company insiders.

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.