Quantum Computing Inc. $QUBT Shares Purchased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. boosted its stake in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 72.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,686,727 shares of the company’s stock after purchasing an additional 1,127,427 shares during the period. Quantum Computing makes up approximately 0.5% of Polar Asset Management Partners Inc.’s portfolio, making the stock its 26th biggest holding. Polar Asset Management Partners Inc.’s holdings in Quantum Computing were worth $48,643,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in shares of Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares during the last quarter. Millennium Management LLC boosted its holdings in Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after acquiring an additional 483,940 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after acquiring an additional 2,280 shares during the last quarter. Rhumbline Advisers purchased a new stake in Quantum Computing during the first quarter valued at about $28,000. Finally, ProShare Advisors LLC purchased a new stake in Quantum Computing during the second quarter valued at about $453,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Insider Buying and Selling

In other Quantum Computing news, CFO Christopher Bruce Roberts sold 68,902 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.85, for a total value of $540,880.70. Following the completion of the transaction, the chief financial officer owned 1,132,398 shares in the company, valued at $8,889,324.30. This represents a 5.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Milan Begliarbekov sold 2,860 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $11.85, for a total transaction of $33,891.00. Following the completion of the sale, the chief operating officer directly owned 24,240 shares of the company’s stock, valued at $287,244. This trade represents a 10.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 81,122 shares of company stock valued at $648,248. 19.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on QUBT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 29th. Ascendiant Capital Markets dropped their target price on shares of Quantum Computing from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, December 22nd. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a research report on Tuesday, March 3rd. Finally, Wedbush assumed coverage on shares of Quantum Computing in a research note on Wednesday, December 17th. They set a “neutral” rating and a $12.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.00.

Quantum Computing Price Performance

Shares of QUBT opened at $7.25 on Thursday. The stock’s 50-day moving average is $9.38 and its two-hundred day moving average is $12.93. The stock has a market cap of $1.63 billion, a PE ratio of -48.33 and a beta of 3.51. Quantum Computing Inc. has a 12 month low of $5.76 and a 12 month high of $25.84.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Monday, March 2nd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $0.20 million during the quarter, compared to analyst estimates of $0.39 million.

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.