Jupiter Topco LLC Takes $852,000 Position in Quantum Computing Inc. $QUBT

Jupiter Topco LLC acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 87,818 shares of the company’s stock, valued at approximately $852,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in Quantum Computing in the 2nd quarter valued at approximately $395,000. EFG International AG bought a new stake in shares of Quantum Computing in the second quarter valued at approximately $48,000. Legal & General Group Plc acquired a new stake in shares of Quantum Computing in the second quarter worth $1,175,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Quantum Computing in the second quarter worth $1,016,000. Finally, Algert Global LLC increased its position in Quantum Computing by 42.0% during the second quarter. Algert Global LLC now owns 445,251 shares of the company’s stock worth $4,319,000 after acquiring an additional 131,620 shares during the period. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Stock Performance

QUBT opened at $8.01 on Monday. The stock’s 50 day simple moving average is $8.49 and its 200-day simple moving average is $8.85. The stock has a market cap of $1.81 billion, a PE ratio of -114.41 and a beta of 3.78. Quantum Computing Inc. has a 1 year low of $6.18 and a 1 year high of $25.84.

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

Analysts Set New Price Targets

QUBT has been the subject of several research analyst reports. Wedbush began coverage on shares of Quantum Computing in a research note on Monday, August 3rd. They set a “neutral” rating and a $12.00 target price for the company. Wall Street Zen downgraded shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Ascendiant Capital Markets boosted their price objective on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Wednesday, June 24th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $10.00 target price on shares of Quantum Computing in a research note on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.