Penserra Capital Management LLC Takes Position in Quantum Computing Inc. $QUBT

Penserra Capital Management LLC bought a new position in Quantum Computing Inc. (NASDAQ:QUBT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,019,460 shares of the company’s stock, valued at approximately $19,543,000. Penserra Capital Management LLC owned 0.64% of Quantum Computing as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its position in shares of Quantum Computing by 159.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,724 shares of the company’s stock valued at $270,000 after acquiring an additional 20,731 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in Quantum Computing during the 1st quarter valued at approximately $136,000. Bank of New York Mellon Corp bought a new stake in Quantum Computing during the 1st quarter valued at approximately $156,000. Envestnet Asset Management Inc. lifted its holdings in Quantum Computing by 35.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 43,470 shares of the company’s stock worth $348,000 after purchasing an additional 11,489 shares in the last quarter. Finally, Stratos Wealth Partners LTD. bought a new position in Quantum Computing in the 1st quarter worth approximately $93,000. 4.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on QUBT shares. 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 report on Friday, October 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quantum Computing in a report on Wednesday, October 8th. Lake Street Capital assumed coverage on shares of Quantum Computing in a research note on Thursday, September 18th. They issued a “buy” rating and a $24.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Quantum Computing from a “hold” rating to a “strong sell” rating in a report on Saturday, August 16th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Quantum Computing has an average rating of “Hold” and a consensus target price of $26.33.

Insider Buying and Selling

In other Quantum Computing news, Director Robert B. Fagenson sold 35,000 shares of Quantum Computing stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $15.52, for a total transaction of $543,200.00. Following the completion of the transaction, the director directly owned 50,000 shares of the company’s stock, valued at $776,000. The trade was a 41.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Pouya Dianat sold 17,175 shares of the business’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $15.53, for a total transaction of $266,727.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,154,649 shares of company stock worth $16,805,481 in the last 90 days. Company insiders own 19.30% of the company’s stock.

Quantum Computing Stock Down 2.2%

Quantum Computing stock opened at $12.86 on Friday. The company’s 50-day moving average price is $17.72 and its 200-day moving average price is $15.63. The company has a market cap of $2.88 billion, a PE ratio of -18.91 and a beta of 3.82. Quantum Computing Inc. has a twelve month low of $1.24 and a twelve month high of $27.15.

Quantum Computing (NASDAQ:QUBT) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.10 million.

About Quantum Computing

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.