ProShare Advisors LLC Purchases New Shares in Quantum Computing Inc. $QUBT

ProShare Advisors LLC acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 23,643 shares of the company’s stock, valued at approximately $453,000.

Other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of Quantum Computing during the first quarter worth approximately $156,000. Envestnet Asset Management Inc. grew its position in Quantum Computing by 35.9% during the first quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company’s stock worth $348,000 after buying an additional 11,489 shares in the last quarter. Arizona State Retirement System bought a new position in Quantum Computing during the 1st quarter worth $267,000. CWM LLC raised its position in shares of Quantum Computing by 192.4% in the 1st quarter. CWM LLC now owns 10,314 shares of the company’s stock valued at $83,000 after buying an additional 6,787 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Quantum Computing by 1,896.4% during the first quarter. Victory Capital Management Inc. now owns 228,912 shares of the company’s stock valued at $1,831,000 after purchasing an additional 217,446 shares in the last quarter. Institutional investors own 4.26% of the company’s stock.

Insider Activity

In other Quantum Computing news, CRO Pouya Dianat sold 17,175 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $15.53, for a total transaction of $266,727.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Javad Shabani sold 17,474 shares of Quantum Computing stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $15.26, for a total value of $266,653.24. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,154,649 shares of company stock worth $16,805,481. 19.30% of the stock is owned by insiders.

Quantum Computing Stock Performance

NASDAQ:QUBT opened at $11.56 on Thursday. Quantum Computing Inc. has a fifty-two week low of $2.85 and a fifty-two week high of $27.15. The company has a 50 day simple moving average of $17.12 and a two-hundred day simple moving average of $15.95. The company has a market capitalization of $2.59 billion, a PE ratio of -17.00 and a beta of 3.82.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The firm had revenue of $0.38 million during the quarter, compared to analyst estimates of $0.12 million.

Analyst Ratings Changes

QUBT has been the topic of a number of recent analyst reports. Ascendiant Capital Markets lifted their target price on Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Quantum Computing in a research note on Wednesday, October 8th. Finally, Lake Street Capital cut their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.67.

Quantum Computing Company Profile

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.