Renaissance Technologies LLC Boosts Stock Position in Quantum Computing Inc. $QUBT

Renaissance Technologies LLC raised its holdings in Quantum Computing Inc. (NASDAQ:QUBT) by 393.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 667,674 shares of the company’s stock after buying an additional 532,451 shares during the period. Renaissance Technologies LLC’s holdings in Quantum Computing were worth $4,574,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Quantum Computing by 38.1% during the fourth quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the last quarter. Marex Group plc boosted its stake in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after purchasing an additional 5,945,679 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing in the third quarter worth about $123,014,000. Geode Capital Management LLC increased its stake in Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock worth $46,846,000 after buying an additional 1,428,120 shares during the period. Finally, State Street Corp increased its stake in Quantum Computing by 44.1% in the 4th quarter. State Street Corp now owns 4,344,023 shares of the company’s stock worth $44,570,000 after buying an additional 1,329,433 shares during the period. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on QUBT. Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Northland Securities started coverage on Quantum Computing in a report on Monday, April 20th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Wedbush began coverage on Quantum Computing in a research note on Monday. They issued a “neutral” rating and a $12.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing Price Performance

QUBT stock opened at $8.77 on Friday. Quantum Computing Inc. has a 1-year low of $6.18 and a 1-year high of $25.84. The business has a 50-day moving average price of $9.31 and a 200 day moving average price of $9.07. The company has a market capitalization of $1.98 billion, a P/E ratio of -31.32 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Monday, May 11th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $3.69 million for the quarter, compared to the consensus estimate of $3.13 million. On average, analysts anticipate that Quantum Computing Inc. will post -0.14 earnings per share for the current fiscal year.

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.