Schonfeld Strategic Advisors LLC Invests $224,000 in D-Wave Quantum Inc. (NYSE:QBTS)

Schonfeld Strategic Advisors LLC acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 26,700 shares of the company's stock, valued at approximately $224,000.

Other hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth $84,000. Summit Investment Advisors Inc. grew its stake in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares during the period. Finally, Spire Wealth Management purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at about $90,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Price Performance

Shares of NYSE QBTS traded down $0.05 on Thursday, hitting $11.03. The company's stock had a trading volume of 112,685,238 shares, compared to its average volume of 37,605,812. The stock has a 50 day moving average of $7.73 and a 200-day moving average of $5.98. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -26.26 and a beta of 0.90. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $12.46.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on QBTS. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark raised their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday. Finally, Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.