Quantum Computing Inc. $QUBT Shares Bought by Foundations Investment Advisors LLC

Foundations Investment Advisors LLC grew its stake in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 1,024.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 169,981 shares of the company’s stock after acquiring an additional 154,867 shares during the period. Foundations Investment Advisors LLC owned about 0.08% of Quantum Computing worth $1,744,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in QUBT. Royal Bank of Canada raised its stake in Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock valued at $430,000 after purchasing an additional 19,527 shares during the period. Millennium Management LLC raised its stake in Quantum Computing by 288.9% during 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 during the period. Goldman Sachs Group Inc. raised its stake in Quantum Computing by 0.7% during 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 during the period. Rhumbline Advisers acquired a new stake in Quantum Computing during the 1st quarter valued at $28,000. Finally, JPMorgan Chase & Co. raised its stake in Quantum Computing by 12,826.8% during 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 period. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Stock Down 2.3%

Quantum Computing stock opened at $11.96 on Friday. The company’s fifty day simple moving average is $9.00 and its 200-day simple moving average is $9.88. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84. The stock has a market cap of $2.70 billion, a P/E ratio of -42.71 and a beta of 3.70.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $3.13 million. On average, equities research analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity at Quantum Computing

In other 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 transaction, the chief financial officer directly owned 1,132,398 shares in the company, 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 SEC, which is available at this link. 19.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on QUBT. Cantor Fitzgerald cut their target price on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Northland Securities began coverage on shares of Quantum Computing in a research note on Monday, April 20th. They set an “outperform” rating and a $20.00 target price on the stock. Wall Street Zen raised shares of Quantum Computing from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Rosenblatt Securities reissued a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a research note on Friday, March 27th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.50.

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.