Legal & General Group Plc Grows Stock Position in Quantum Computing Inc. $QUBT

Legal & General Group Plc raised its position in Quantum Computing Inc. (NASDAQ:QUBT) by 55.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,656 shares of the company’s stock after buying an additional 55,114 shares during the quarter. Legal & General Group Plc’s holdings in Quantum Computing were worth $2,964,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in QUBT. Caitong International Asset Management Co. Ltd purchased a new stake in Quantum Computing during the first quarter valued at about $798,000. Vanguard Group Inc. increased its stake in shares of Quantum Computing by 24.0% in the first quarter. Vanguard Group Inc. now owns 5,191,404 shares of the company’s stock worth $41,531,000 after purchasing an additional 1,004,675 shares in the last quarter. Swiss National Bank bought a new stake in shares of Quantum Computing in the first quarter valued at approximately $1,806,000. Concurrent Investment Advisors LLC purchased a new stake in shares of Quantum Computing during the 2nd quarter valued at approximately $1,003,000. Finally, PFG Investments LLC purchased a new stake in shares of Quantum Computing during the 2nd quarter valued at approximately $1,128,000. Institutional investors own 4.26% of the company’s stock.

Insider Transactions at Quantum Computing

In other Quantum Computing news, Director Javad Shabani sold 17,474 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert B. Fagenson sold 35,000 shares of Quantum Computing stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total value of $543,200.00. Following the sale, the director owned 50,000 shares of the company’s stock, valued at approximately $776,000. This trade represents a 41.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 117,474 shares of company stock worth $1,822,753 over the last 90 days. Corporate insiders own 19.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Ascendiant Capital Markets lifted their price objective on shares of Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Monday, December 1st. Wall Street Zen upgraded Quantum Computing from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, Lake Street Capital dropped their price objective on Quantum Computing from $24.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.67.

Quantum Computing Price Performance

Shares of NASDAQ:QUBT opened at $12.84 on Friday. The firm has a fifty day moving average price of $15.30 and a two-hundred day moving average price of $16.15. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -21.05 and a beta of 3.80. Quantum Computing Inc. has a one year low of $4.37 and a one year high of $27.15.

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

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.