Focus Financial Network Inc. Raises Stock Position in Quantum Computing Inc. $QUBT

Focus Financial Network Inc. grew its stake in shares of Quantum Computing Inc. (NASDAQ:QUBT) by 339.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,117,431 shares of the company’s stock after acquiring an additional 863,394 shares during the period. Quantum Computing comprises about 0.7% of Focus Financial Network Inc.’s holdings, making the stock its 25th biggest position. Focus Financial Network Inc. owned about 0.60% of Quantum Computing worth $20,572,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of QUBT. Nisa Investment Advisors LLC acquired a new stake in Quantum Computing during the 2nd quarter valued at $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Quantum Computing in the second quarter worth $29,000. FWL Investment Management LLC purchased a new stake in shares of Quantum Computing in the second quarter valued at $33,000. Toth Financial Advisory Corp boosted its stake in shares of Quantum Computing by 100.0% during the third quarter. Toth Financial Advisory Corp now owns 2,000 shares of the company’s stock valued at $37,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Allworth Financial LP purchased a new stake in Quantum Computing during the 2nd quarter worth about $42,000. Institutional investors and hedge funds own 4.26% of the company’s stock.

Analyst Ratings Changes

QUBT has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price target on shares of Quantum Computing in a research note on Thursday. Lake Street Capital lowered their target price on shares of Quantum Computing from $24.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 17th. Ascendiant Capital Markets boosted their price target on Quantum Computing from $22.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 3rd. Wedbush initiated coverage on Quantum Computing in a report on Wednesday. They set a “neutral” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Quantum Computing has an average rating of “Hold” and a consensus price target of $20.75.

Quantum Computing Stock Up 5.3%

Shares of NASDAQ QUBT opened at $10.89 on Friday. The stock has a market capitalization of $2.44 billion, a PE ratio of -17.85 and a beta of 3.80. The firm has a fifty day moving average of $13.52 and a 200-day moving average of $16.08. Quantum Computing Inc. has a 52-week low of $4.37 and a 52-week high of $25.84.

Quantum Computing (NASDAQ:QUBT) last issued its earnings results on Friday, November 14th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $0.38 million during the quarter, compared to analysts’ expectations of $0.12 million.

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.