58,028 Shares in Quantum Computing Inc. $QUBT Bought by Simplicity Wealth LLC

Simplicity Wealth LLC purchased a new stake in shares of Quantum Computing Inc. (NASDAQ:QUBT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 58,028 shares of the company’s stock, valued at approximately $563,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QUBT. Vanguard Group Inc. grew its position in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after acquiring an additional 4,643,818 shares during the period. Marex Group plc raised its holdings in Quantum Computing by 255.6% in the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after purchasing an additional 5,945,679 shares during the period. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the 3rd quarter worth about $123,014,000. Geode Capital Management LLC boosted its position in Quantum Computing by 45.5% during the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after purchasing an additional 1,428,120 shares in the last quarter. Finally, State Street Corp boosted its position in Quantum Computing by 44.1% during the fourth quarter. State Street Corp now owns 4,344,023 shares of the company’s stock worth $44,570,000 after purchasing an additional 1,329,433 shares in the last quarter. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen cut Quantum Computing from a “sell” rating to a “strong sell” rating in a research report on Saturday. Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 price target on shares of Quantum Computing in a report on Tuesday, August 11th. Ascendiant Capital Markets upped their price objective on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Finally, Northland Securities initiated coverage on shares of Quantum Computing in a research report on Monday, April 20th. They issued an “outperform” rating and a $20.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

Shares of Quantum Computing stock opened at $9.05 on Tuesday. The stock has a market capitalization of $2.05 billion, a P/E ratio of -129.27 and a beta of 3.74. The business has a 50 day simple moving average of $8.98 and a two-hundred day simple moving average of $8.93. 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, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. As a group, research analysts anticipate that Quantum Computing Inc. will post -0.18 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.