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

CIBC Private Wealth Group LLC bought a new stake in Quantum Computing Inc. (NASDAQ:QUBT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 709,945 shares of the company's stock, valued at approximately $11,750,000. CIBC Private Wealth Group LLC owned about 0.52% of Quantum Computing as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Allianz SE bought a new position in Quantum Computing during the fourth quarter valued at about $331,000. Tucker Asset Management LLC bought a new position in shares of Quantum Computing in the 4th quarter valued at approximately $50,000. JPMorgan Chase & Co. lifted its holdings in Quantum Computing by 7,016.0% in the 4th quarter. JPMorgan Chase & Co. now owns 11,101 shares of the company's stock worth $184,000 after purchasing an additional 10,945 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Quantum Computing by 83.6% in the 4th quarter. Vanguard Group Inc. now owns 4,186,729 shares of the company's stock worth $69,290,000 after purchasing an additional 1,906,749 shares during the last quarter. Finally, LPL Financial LLC bought a new stake in Quantum Computing during the fourth quarter worth approximately $1,225,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Quantum Computing Stock Down 12.5 %

Shares of NASDAQ:QUBT traded down $0.95 during trading on Friday, reaching $6.62. The stock had a trading volume of 5,957,017 shares, compared to its average volume of 16,185,127. The stock has a fifty day simple moving average of $7.76 and a two-hundred day simple moving average of $6.79. Quantum Computing Inc. has a 52 week low of $0.35 and a 52 week high of $27.15. The firm has a market capitalization of $908.84 million, a price-to-earnings ratio of -22.88 and a beta of 2.99.

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Quantum Computing (NASDAQ:QUBT - Get Free Report) last released its quarterly earnings results 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 business had revenue of $0.06 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period last year, the business earned ($0.09) EPS.

Insider Activity at Quantum Computing

In related news, insider Yuping Huang sold 200,000 shares of Quantum Computing stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $8.48, for a total transaction of $1,696,000.00. Following the sale, the insider now directly owns 24,051,256 shares of the company's stock, valued at $203,954,650.88. This trade represents a 0.82 % 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. 31.10% of the stock is owned by corporate insiders.

Quantum Computing Company Profile

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.