Pacific Heights Asset Management LLC Buys New Stake in Quantum Computing Inc. $QUBT

Pacific Heights Asset Management LLC purchased a new stake in Quantum Computing Inc. (NASDAQ:QUBT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,000,000 shares of the company’s stock, valued at approximately $9,700,000. Pacific Heights Asset Management LLC owned approximately 0.44% of Quantum Computing as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of QUBT. Corient Private Wealth LP purchased a new position in Quantum Computing in the 2nd quarter valued at $1,286,000. Bank of America Corp DE acquired a new position in shares of Quantum Computing in the 2nd quarter valued at $3,762,000. Jupiter Topco LLC purchased a new position in Quantum Computing during the second quarter worth about $852,000. Hsbc Holdings PLC purchased a new stake in Quantum Computing in the second quarter valued at approximately $395,000. Finally, EFG International AG acquired a new position in Quantum Computing during the 2nd quarter worth about $48,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Quantum Computing Price Performance

Shares of NASDAQ:QUBT opened at $8.65 on Friday. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84. The firm has a market capitalization of $1.96 billion, a P/E ratio of -123.55 and a beta of 3.74. The company’s fifty day moving average price is $8.72 and its 200 day moving average price is $8.88.

Quantum Computing (NASDAQ:QUBT) last posted its earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. On average, sell-side analysts anticipate that Quantum Computing Inc. will post -0.18 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on QUBT. Wedbush began coverage on Quantum Computing in a research note on Monday, August 3rd. They set a “neutral” rating and a $12.00 target price for the company. Ascendiant Capital Markets boosted their price target on shares of Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. 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 investment 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’s stock. According to MarketBeat.com, Quantum Computing currently has a consensus rating of “Hold” and an average target price of $18.67.

About Quantum Computing

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.