Royal Bank of Canada Grows Position in Quantum Computing Inc. $QUBT

Royal Bank of Canada increased its stake in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 122.1% in the first quarter, Holdings Channel.com reports. The fund owned 197,491 shares of the company’s stock after purchasing an additional 108,558 shares during the period. Royal Bank of Canada’s holdings in Quantum Computing were worth $1,352,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares in the last quarter. Marex Group plc boosted its holdings in shares of Quantum Computing by 255.6% during the 4th quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after purchasing an additional 5,945,679 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of Quantum Computing during the third quarter valued at about $123,014,000. Geode Capital Management LLC grew its position in shares of Quantum Computing by 45.5% during the fourth 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 in the last quarter. Finally, State Street Corp increased its holdings in shares of Quantum Computing by 44.1% in the fourth quarter. State Street Corp now owns 4,344,023 shares of the company’s stock worth $44,570,000 after purchasing an additional 1,329,433 shares during the last quarter. 4.26% of the stock is owned by hedge funds and other institutional investors.

Quantum Computing Trading Down 3.3%

QUBT opened at $8.14 on Friday. The stock has a 50-day moving average of $8.90 and a 200 day moving average of $8.89. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84. The firm has a market cap of $1.84 billion, a P/E ratio of -116.27 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The business had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. On average, research analysts forecast that Quantum Computing Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

QUBT has been the subject of a number of research reports. Wedbush began coverage on Quantum Computing in a research note on Monday, August 3rd. They set a “neutral” rating and a $12.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Ascendiant Capital Markets increased their target price on Quantum Computing from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a report on Monday, June 29th. Finally, Wall Street Zen cut shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.