1,000,000 Shares in Quantum Computing Inc. $QUBT Purchased by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC acquired a new stake in Quantum Computing Inc. (NASDAQ:QUBT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,000,000 shares of the company’s stock, valued at approximately $9,700,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Quantum Computing during the 2nd quarter worth approximately $172,020,000. Vanguard Group Inc. boosted its stake in shares of Quantum Computing by 38.1% in the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock valued at $172,793,000 after buying an additional 4,643,818 shares in the last quarter. Marex Group plc grew its holdings in Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after acquiring an additional 5,945,679 shares during the period. Alyeska Investment Group L.P. acquired a new position in Quantum Computing during the third quarter worth $123,014,000. Finally, Geode Capital Management LLC lifted its holdings in Quantum Computing by 45.5% in the fourth quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after acquiring an additional 1,428,120 shares during the period. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Stock Up 3.6%

NASDAQ QUBT opened at $8.65 on Friday. Quantum Computing Inc. has a fifty-two week low of $6.18 and a fifty-two week high of $25.84. The business has a 50 day moving average price of $8.72 and a two-hundred day moving average price of $8.88. The stock has a market cap of $1.96 billion, a PE ratio of -123.55 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $5.15 million. Sell-side analysts anticipate that Quantum Computing Inc. will post -0.18 EPS for the current fiscal year.

Analysts Set New Price Targets

QUBT has been the topic of a number of recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research note on Monday, June 29th. Lake Street Capital reaffirmed a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Wedbush started coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They issued a “neutral” rating and a $12.00 target price for the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 price target on shares of Quantum Computing in a research report on Tuesday, August 11th. Finally, Wall Street Zen downgraded Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Four 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.67.

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.