The Manufacturers Life Insurance Company Acquires New Holdings in Quantum Computing Inc. $QUBT

The Manufacturers Life Insurance Company bought a new position in Quantum Computing Inc. (NASDAQ:QUBT) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 104,732 shares of the company’s stock, valued at approximately $1,016,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Quantum Computing during the 2nd quarter worth $172,020,000. Vanguard Group Inc. increased its holdings in shares of Quantum Computing by 38.1% in the fourth 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 in the last quarter. Marex Group plc increased its holdings in shares of Quantum Computing by 255.6% in the fourth 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 in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Quantum Computing during the 3rd quarter valued at about $123,014,000. Finally, Geode Capital Management LLC grew its position in shares of Quantum Computing by 45.5% in the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after purchasing an additional 1,428,120 shares during the period. 4.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on QUBT. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Monday, June 29th. Ascendiant Capital Markets upped their price objective on Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Lake Street Capital reissued a “buy” rating on shares of Quantum Computing in a research report on Monday, July 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Wedbush began coverage on shares of Quantum Computing in a report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Quantum Computing currently has a consensus rating of “Hold” and an average price target of $18.67.

Quantum Computing Stock Performance

NASDAQ:QUBT opened at $8.01 on Friday. Quantum Computing Inc. has a 52-week low of $6.18 and a 52-week high of $25.84. The company has a market cap of $1.81 billion, a P/E ratio of -114.41 and a beta of 3.78. The stock’s 50-day simple moving average is $8.49 and its 200 day simple moving average is $8.84.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly 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. As a group, equities analysts predict that Quantum Computing Inc. will post -0.19 earnings per share for the current fiscal year.

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.