Teacher Retirement System of Texas Buys Shares of 35,072 D-Wave Quantum Inc. (NYSE:QBTS)

Teacher Retirement System of Texas acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 35,072 shares of the company's stock, valued at approximately $267,000.

Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its stake in D-Wave Quantum by 40.9% during the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after acquiring an additional 63,799 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in D-Wave Quantum by 40.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock worth $2,699,000 after acquiring an additional 91,721 shares in the last quarter. Victory Capital Management Inc. raised its stake in D-Wave Quantum by 55.1% during the 4th quarter. Victory Capital Management Inc. now owns 29,399 shares of the company's stock worth $247,000 after acquiring an additional 10,444 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth $2,087,000. Finally, PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth $38,000. 42.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of research reports. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. B. Riley restated a "buy" rating and set a $20.00 target price (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Cantor Fitzgerald started coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price target for the company. Benchmark reissued a "buy" rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Finally, Needham & Company LLC upped their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $14.38.

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 dated Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the transaction, the director owned 57,778 shares of the company's stock, valued at $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 is available through this hyperlink. Also, Director Kirstjen Nielsen sold 13,000 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.04, for a total transaction of $208,520.00. Following the transaction, the director owned 119,673 shares in the company, valued at approximately $1,919,554.92. This represents a 9.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is currently owned by insiders.

D-Wave Quantum Stock Down 7.3%

NYSE:QBTS traded down $1.35 during mid-day trading on Tuesday, hitting $17.05. The company had a trading volume of 30,888,137 shares, compared to its average volume of 49,766,409. The business has a fifty day simple moving average of $15.84 and a 200-day simple moving average of $9.97. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. D-Wave Quantum Inc. has a 1 year low of $0.75 and a 1 year high of $20.56. The firm has a market capitalization of $4.98 billion, a price-to-earnings ratio of -28.39 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results 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 net margin of 617.84% and a negative return on equity of 227.95%. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. Equities analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

About D-Wave Quantum

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.