Jupiter Asset Management Ltd. Purchases New Position in Quantum Computing Inc. $QUBT

Jupiter Asset Management Ltd. purchased a new stake in Quantum Computing Inc. (NASDAQ:QUBT) in the 4th quarter, HoldingsChannel reports. The firm purchased 638,349 shares of the company’s stock, valued at approximately $6,549,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Toth Financial Advisory Corp increased its stake in shares of Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Signaturefd LLC increased its stake in shares of Quantum Computing by 36.5% in the 4th quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock valued at $38,000 after purchasing an additional 1,000 shares in the last quarter. Two Sigma Investments LP increased its stake in shares of Quantum Computing by 2.5% in the 3rd quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock valued at $749,000 after purchasing an additional 1,001 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Quantum Computing by 43.5% in the 3rd quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock valued at $93,000 after purchasing an additional 1,525 shares in the last quarter. Finally, FWL Investment Management LLC purchased a new position in shares of Quantum Computing in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Insider Buying and Selling

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total value of $540,880.70. Following the transaction, the chief financial officer directly owned 1,132,398 shares in the company, valued at approximately $8,889,324.30. This represents a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 19.30% of the company’s stock.

Analyst Ratings Changes

QUBT has been the subject of several recent analyst reports. Wall Street Zen upgraded Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Northland Securities assumed coverage on Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Quantum Computing in a report on Tuesday, March 3rd. Finally, Cantor Fitzgerald lowered their price objective on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.50.

Quantum Computing Price Performance

Shares of Quantum Computing stock opened at $11.96 on Friday. The stock has a market cap of $2.70 billion, a P/E ratio of -42.71 and a beta of 3.70. The stock’s 50 day simple moving average is $9.00 and its 200-day simple moving average is $9.88. Quantum Computing Inc. has a 1-year low of $6.18 and a 1-year high of $25.84.

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

Quantum Computing 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.