The Manufacturers Life Insurance Company Takes Position in Quantum Computing Inc. $QUBT

The Manufacturers Life Insurance Company purchased a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 104,732 shares of the company’s stock, valued at approximately $1,016,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Quantum Computing in the second quarter valued at approximately $172,020,000. Vanguard Group Inc. boosted its stake in shares of Quantum Computing by 38.1% during the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after acquiring an additional 4,643,818 shares during the period. Marex Group plc boosted its stake in shares of Quantum Computing by 255.6% during the 4th 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 shares of Quantum Computing during the 3rd quarter worth approximately $123,014,000. Finally, Geode Capital Management LLC increased its holdings in shares of Quantum Computing by 45.5% during the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after acquiring an additional 1,428,120 shares during the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Price Performance

Shares of NASDAQ QUBT opened at $8.01 on Friday. The stock’s fifty day moving average price is $8.49 and its two-hundred day moving average price is $8.84. Quantum Computing Inc. has a one year low of $6.18 and a one year high of $25.84. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -114.41 and a beta of 3.78.

Quantum Computing (NASDAQ:QUBT) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to analysts’ expectations of $5.15 million. On average, equities analysts anticipate that Quantum Computing Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

QUBT has been the subject of several research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Quantum Computing in a report on Monday, June 29th. Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday, August 11th. Lake Street Capital restated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Ascendiant Capital Markets upped their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Finally, Wedbush started coverage on shares of Quantum Computing in a report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.67.

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.