Fifth Third Bancorp Makes New $920,000 Investment in Quantum Computing Inc. $QUBT

Fifth Third Bancorp purchased a new stake in Quantum Computing Inc. (NASDAQ:QUBT) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 134,300 shares of the company’s stock, valued at approximately $920,000.

Several other large investors have also recently modified their holdings of the business. Kestra Advisory Services LLC raised its stake in shares of Quantum Computing by 17.7% during the first quarter. Kestra Advisory Services LLC now owns 26,818 shares of the company’s stock valued at $184,000 after acquiring an additional 4,037 shares during the last quarter. Private Advisor Group LLC lifted its holdings in Quantum Computing by 52.2% during the 1st quarter. Private Advisor Group LLC now owns 31,014 shares of the company’s stock worth $212,000 after buying an additional 10,635 shares during the period. Leonteq Securities AG lifted its holdings in Quantum Computing by 14.9% during the 1st quarter. Leonteq Securities AG now owns 55,155 shares of the company’s stock worth $378,000 after buying an additional 7,137 shares during the period. Essex Financial Services Inc. lifted its holdings in Quantum Computing by 16.3% during the 1st quarter. Essex Financial Services Inc. now owns 14,120 shares of the company’s stock worth $97,000 after buying an additional 1,979 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in shares of Quantum Computing by 48.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 34,320 shares of the company’s stock valued at $235,000 after buying an additional 11,179 shares during the last quarter. Institutional investors own 4.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on QUBT. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price target on shares of Quantum Computing in a research note on Monday, June 29th. Ascendiant Capital Markets lifted their price objective on Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. Northland Securities assumed coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price on the stock. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $18.33.

Quantum Computing Stock Performance

Shares of QUBT opened at $7.43 on Monday. The stock has a market capitalization of $1.68 billion, a P/E ratio of -26.53 and a beta of 3.78. The firm’s fifty day simple moving average is $9.81 and its two-hundred day simple moving average is $9.31. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly 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 business had revenue of $3.69 million for the quarter, compared to analyst estimates of $3.13 million. As a group, research analysts predict that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

About Quantum Computing

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.