12,000 Shares in Quantum Computing Inc. $QUBT Purchased by Oak Harvest Investment Services

Oak Harvest Investment Services purchased a new stake in Quantum Computing Inc. (NASDAQ:QUBT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 12,000 shares of the company’s stock, valued at approximately $230,000.

Several other hedge funds have also recently bought and sold shares of the stock. Teacher Retirement System of Texas bought a new stake in shares of Quantum Computing during the first quarter worth approximately $136,000. Bank of New York Mellon Corp acquired a new stake in Quantum Computing during the 1st quarter worth approximately $156,000. Envestnet Asset Management Inc. boosted its stake in Quantum Computing by 35.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company’s stock valued at $348,000 after purchasing an additional 11,489 shares during the period. Stratos Wealth Partners LTD. acquired a new position in Quantum Computing in the 1st quarter valued at $93,000. Finally, Arizona State Retirement System acquired a new position in Quantum Computing in the 1st quarter valued at $267,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Stock Up 5.7%

QUBT opened at $10.60 on Friday. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -15.59 and a beta of 3.82. Quantum Computing Inc. has a twelve month low of $2.22 and a twelve month high of $27.15. The company has a 50-day simple moving average of $17.35 and a 200 day simple moving average of $15.79.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $0.06 million during the quarter, compared to analyst estimates of $0.10 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Lake Street Capital began coverage on Quantum Computing in a report on Thursday, September 18th. They set a “buy” rating and a $24.00 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quantum Computing in a research report on Wednesday, October 8th. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Finally, Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 16th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and an average target price of $26.33.

Insider Activity

In other Quantum Computing news, Director Javad Shabani sold 20,000 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $15.30, for a total value of $306,000.00. Following the sale, the director owned 17,474 shares of the company’s stock, valued at approximately $267,352.20. This trade represents a 53.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Pouya Dianat sold 17,175 shares of the company’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $15.53, for a total value of $266,727.75. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,154,649 shares of company stock valued at $16,805,481. 19.30% of the stock is owned by insiders.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.