Teacher Retirement System of Texas Invests $267,000 in D-Wave Quantum Inc. (NYSE:QBTS)

Teacher Retirement System of Texas bought a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 35,072 shares of the company's stock, valued at approximately $267,000.

Several other large investors have also bought and sold shares of the company. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum during the 4th quarter valued at $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $38,000. Amalgamated Bank raised its stake in shares of D-Wave Quantum by 107.8% in the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after acquiring an additional 3,266 shares in the last quarter. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $67,000. Finally, KBC Group NV bought a new position in shares of D-Wave Quantum in the 1st quarter valued at approximately $69,000. Institutional investors own 42.47% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on QBTS. Needham & Company LLC lifted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. B. Riley raised their price target on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Benchmark restated a "buy" rating and set a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Finally, Williams Trading set a $20.00 price objective on D-Wave Quantum in a research report on Wednesday, June 18th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $15.22.

D-Wave Quantum Stock Up 15.7%

D-Wave Quantum stock traded up $2.76 during midday trading on Wednesday, reaching $20.35. The stock had a trading volume of 77,016,957 shares, compared to its average volume of 50,282,536. The firm's fifty day simple moving average is $16.32 and its 200-day simple moving average is $10.16. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $20.56. The stock has a market capitalization of $5.95 billion, a P/E ratio of -33.92 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced 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 business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 400,000 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the sale, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kirstjen Nielsen sold 58,644 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total value of $950,619.24. Following the sale, the director owned 132,673 shares of the company's stock, valued at approximately $2,150,629.33. The trade was a 30.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 in the last three months. 3.20% of the stock is owned by insiders.

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.