177,850 Shares in D-Wave Quantum Inc. (NYSE:QBTS) Bought by SLT Holdings LLC

Key Points

• SLT Holdings LLC has acquired 177,850 shares of D-Wave Quantum Inc. (NYSE:QBTS), valued at approximately $1.35 million, making it the firm’s 17th largest holding.
• Significant insider selling occurred, with Director Rohit Ghai and Director John D. Dilullo selling 43,517 and 15,000 shares, respectively, both reducing their ownership stakes substantially.
• Several analysts have recently raised their price targets for D-Wave Quantum, with B. Riley setting a new target of $22.00 and multiple firms issuing a "buy" rating, indicating strong institutional support.

SLT Holdings LLC acquired a new position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 177,850 shares of the company's stock, valued at approximately $1,352,000. D-Wave Quantum makes up 1.3% of SLT Holdings LLC's holdings, making the stock its 17th largest holding. SLT Holdings LLC owned 0.06% of D-Wave Quantum as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in D-Wave Quantum by 5.8% in the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock valued at $236,000 after acquiring an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after buying an additional 1,766 shares during the last quarter. Invesco Ltd. grew its stake in shares of D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after buying an additional 2,051 shares during the last quarter. Corebridge Financial Inc. grew its stake in shares of D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock valued at $413,000 after buying an additional 2,342 shares during the last quarter. Finally, Veracity Capital LLC grew its stake in shares of D-Wave Quantum by 9.3% during the first quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock valued at $226,000 after buying an additional 2,532 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the sale, the director directly owned 57,778 shares of the company's stock, valued at approximately $970,670.40. The trade was a 42.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the sale, the director directly owned 44,295 shares in the company, valued at approximately $726,438. The trade was a 25.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,636,796 shares of company stock worth $27,872,091. Insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QBTS. B. Riley raised their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Williams Trading set a $20.00 price objective on D-Wave Quantum in a research note on Wednesday, June 18th. Benchmark reaffirmed a "buy" rating and set a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Finally, Canaccord Genuity Group began coverage on D-Wave Quantum in a research note on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price objective on the stock. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and an average price target of $15.22.

D-Wave Quantum Trading Down 2.6%

NYSE QBTS opened at $18.37 on Tuesday. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $20.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The stock has a 50 day simple moving average of $16.73 and a two-hundred day simple moving average of $10.44. The stock has a market cap of $5.37 billion, a P/E ratio of -30.62 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The business had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

D-Wave Quantum 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.

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