CIBC Private Wealth Group LLC Takes $11.75 Million Position in Quantum Computing Inc. (NASDAQ:QUBT)

CIBC Private Wealth Group LLC acquired a new position in Quantum Computing Inc. (NASDAQ:QUBT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 709,945 shares of the company’s stock, valued at approximately $11,750,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Quantum Computing by 83.6% in the fourth quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company’s stock worth $69,290,000 after acquiring an additional 1,906,749 shares during the period. Geode Capital Management LLC increased its stake in shares of Quantum Computing by 10.5% in the 3rd quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. UNICOM Systems Inc. bought a new position in Quantum Computing in the 4th quarter worth $5,707,000. Mission Wealth Management LP bought a new position in Quantum Computing in the 4th quarter worth $1,986,000. Finally, Raymond James Financial Inc. purchased a new position in Quantum Computing during the fourth quarter valued at $1,924,000. Hedge funds and other institutional investors own 4.26% of the company’s stock.

Insiders Place Their Bets

In other news, insider Yuping Huang sold 200,000 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total value of $1,696,000.00. Following the transaction, the insider now directly owns 24,051,256 shares in the company, valued at $203,954,650.88. The trade was a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 31.10% of the company’s stock.

Quantum Computing Stock Down 5.3 %

Shares of QUBT opened at $8.00 on Tuesday. The business has a 50-day simple moving average of $7.98 and a two-hundred day simple moving average of $6.73. Quantum Computing Inc. has a 52 week low of $0.35 and a 52 week high of $27.15. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -27.59 and a beta of 3.26.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.42). The company had revenue of $0.06 million during the quarter, compared to the consensus estimate of $0.20 million. During the same period in the previous year, the business posted ($0.09) EPS.

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.