Comerica Bank Increases Stock Holdings in Quantum Computing Inc. $QUBT

Comerica Bank increased its holdings in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 264.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 134,300 shares of the company’s stock after acquiring an additional 97,487 shares during the period. Comerica Bank’s holdings in Quantum Computing were worth $1,378,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Aventura Private Wealth LLC purchased a new position in shares of Quantum Computing during the 4th quarter valued at approximately $26,000. Farther Finance Advisors LLC lifted its holdings in Quantum Computing by 724.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,501 shares of the company’s stock valued at $28,000 after purchasing an additional 1,319 shares in the last quarter. Rhumbline Advisers purchased a new position in Quantum Computing in the 1st quarter valued at $28,000. Toth Financial Advisory Corp lifted its holdings in Quantum Computing by 50.0% in the 4th quarter. Toth Financial Advisory Corp now owns 3,000 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Finally, FWL Investment Management LLC purchased a new position in Quantum Computing in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Quantum Computing Price Performance

Shares of Quantum Computing stock opened at $9.60 on Friday. The business has a 50-day moving average of $7.98 and a 200 day moving average of $10.30. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -64.00 and a beta of 3.70.

Quantum Computing (NASDAQ:QUBT) last announced its earnings results on Monday, March 2nd. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $0.20 million for the quarter, compared to analysts’ expectations of $0.39 million. Equities research analysts anticipate that Quantum Computing Inc. will post -0.24 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a report on Friday, March 27th. Northland Securities initiated coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald cut their target price on Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Four investment 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 data from MarketBeat.com, Quantum Computing presently has a consensus rating of “Hold” and a consensus target price of $17.50.

Insider Buying and Selling

In related news, CFO Christopher Bruce Roberts sold 68,902 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was 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 directly owned 1,132,398 shares in the company, valued at $8,889,324.30. This trade represents a 5.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 19.30% of the stock is owned by company insiders.

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.