Virtu Financial LLC Reduces Holdings in Quantum Computing Inc. $QUBT

Virtu Financial LLC lowered its position in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 70.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 69,374 shares of the company’s stock after selling 162,616 shares during the period. Virtu Financial LLC’s holdings in Quantum Computing were worth $712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its stake in Quantum Computing by 57.1% during the 1st quarter. Royal Bank of Canada now owns 53,752 shares of the company’s stock worth $430,000 after buying an additional 19,527 shares during the last quarter. Millennium Management LLC lifted its stake in Quantum Computing by 288.9% in the first quarter. Millennium Management LLC now owns 651,455 shares of the company’s stock valued at $5,212,000 after buying an additional 483,940 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Quantum Computing by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 326,278 shares of the company’s stock valued at $2,610,000 after acquiring an additional 2,280 shares during the period. Rhumbline Advisers purchased a new position in shares of Quantum Computing during the first quarter worth approximately $28,000. Finally, JPMorgan Chase & Co. grew its position in shares of Quantum Computing by 12,826.8% during the second quarter. JPMorgan Chase & Co. now owns 54,551 shares of the company’s stock worth $1,046,000 after acquiring an additional 54,129 shares during the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Stock Down 2.0%

Shares of Quantum Computing stock opened at $10.54 on Tuesday. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -37.64 and a beta of 3.72. Quantum Computing Inc. has a 52-week low of $6.18 and a 52-week high of $25.84. The company’s 50-day simple moving average is $10.17 and its 200-day simple moving average is $9.79.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $3.13 million. Equities research analysts anticipate that Quantum Computing Inc. will post -0.14 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on QUBT shares. Cantor Fitzgerald reduced their price target on shares of Quantum Computing from $15.00 to $10.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Northland Securities started coverage on shares of Quantum Computing in a research note on Monday, April 20th. They issued an “outperform” rating and a $20.00 price objective on the stock. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Ascendiant Capital Markets boosted their price target on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Quantum Computing in a research note on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.33.

Quantum Computing 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.