Royal Bank of Canada Increases Stock Holdings in Quantum Computing Inc. $QUBT

Royal Bank of Canada increased its holdings in Quantum Computing Inc. (NASDAQ:QUBT) by 122.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 197,491 shares of the company’s stock after buying an additional 108,558 shares during the quarter. Royal Bank of Canada owned 0.09% of Quantum Computing worth $1,352,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new position in Quantum Computing in the fourth quarter worth approximately $26,000. Rhumbline Advisers bought a new stake in shares of Quantum Computing during the 1st quarter valued at $28,000. Tucker Asset Management LLC purchased a new stake in shares of Quantum Computing in the 4th quarter worth $29,000. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing in the 2nd quarter worth $33,000. Finally, Farther Finance Advisors LLC raised its holdings in Quantum Computing by 164.7% in the 4th quarter. Farther Finance Advisors LLC now owns 3,973 shares of the company’s stock worth $41,000 after purchasing an additional 2,472 shares during the period. 4.26% of the stock is currently owned by institutional investors.

Quantum Computing Stock Performance

Shares of Quantum Computing stock opened at $8.14 on Friday. Quantum Computing Inc. has a fifty-two week low of $6.18 and a fifty-two week high of $25.84. The company has a market capitalization of $1.84 billion, a P/E ratio of -116.27 and a beta of 3.74. The company has a fifty day moving average of $8.90 and a 200 day moving average of $8.89.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. Analysts forecast that Quantum Computing Inc. will post -0.18 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on QUBT. Wall Street Zen lowered Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Wedbush assumed coverage on Quantum Computing in a research note on Monday, August 3rd. They set a “neutral” rating and a $12.00 price objective for the company. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.33.

Quantum Computing Company 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.