Foundations Investment Advisors LLC increased its holdings in Quantum Computing Inc. (NASDAQ:QUBT – Free Report) by 1,024.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,981 shares of the company’s stock after purchasing an additional 154,867 shares during the period. Foundations Investment Advisors LLC’s holdings in Quantum Computing were worth $1,744,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the business. Toth Financial Advisory Corp boosted its holdings in Quantum Computing by 50.0% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Signaturefd LLC boosted its holdings in Quantum Computing by 36.5% in the fourth quarter. Signaturefd LLC now owns 3,742 shares of the company’s stock worth $38,000 after purchasing an additional 1,000 shares in the last quarter. Two Sigma Investments LP boosted its holdings in Quantum Computing by 2.5% in the third quarter. Two Sigma Investments LP now owns 40,705 shares of the company’s stock worth $749,000 after purchasing an additional 1,001 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Quantum Computing by 43.5% in the third quarter. NewEdge Advisors LLC now owns 5,030 shares of the company’s stock worth $93,000 after purchasing an additional 1,525 shares in the last quarter. Finally, FWL Investment Management LLC bought a new stake in Quantum Computing in the second quarter worth $33,000. 4.26% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on QUBT. Wall Street Zen upgraded shares of Quantum Computing from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. 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 price objective for the company. Finally, Cantor Fitzgerald cut their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and an average target price of $17.50.
Quantum Computing Price Performance
Quantum Computing stock opened at $11.96 on Friday. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -42.71 and a beta of 3.70. Quantum Computing Inc. has a fifty-two week low of $6.18 and a fifty-two week high of $25.84. The firm has a fifty day moving average price of $9.00 and a two-hundred day moving average price of $9.88.
Quantum Computing (NASDAQ:QUBT – Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates 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, sell-side analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current year.
Insiders Place Their Bets
In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.85, for a total transaction of $540,880.70. Following the completion of the transaction, the chief financial officer owned 1,132,398 shares of the company’s stock, valued at $8,889,324.30. The trade was a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.30% of the stock is currently owned by corporate insiders.
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.
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