35,589 Shares in D-Wave Quantum Inc. $QBTS Purchased by Headlands Technologies LLC

Key Points

• Headlands Technologies acquired 35,589 D-Wave Quantum shares during the second quarter, valued at approximately $854,000. Institutional investors and hedge funds collectively own 42.47% of QBTS.
• Analyst sentiment remains favorable, with 13 Buy ratings, two Holds and one Sell; the stock has a consensus rating of Moderate Buy and an average price target of $36.27.
• D-Wave reported weaker-than-expected quarterly results, including a $0.10 per-share loss versus the $0.08 consensus loss and revenue of $3.08 million versus $4.03 million expected. Insiders have also sold more than 1 million shares worth approximately $26.2 million over the past 90 days.

Headlands Technologies LLC acquired a new position in shares of D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 35,589 shares of the company's stock, valued at approximately $854,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CoreCap Advisors LLC raised its stake in shares of D-Wave Quantum by 9.2% in the second quarter. CoreCap Advisors LLC now owns 6,115 shares of the company's stock worth $147,000 after acquiring an additional 515 shares during the last quarter. Sigma Planning Corp grew its stake in shares of D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company's stock valued at $431,000 after purchasing an additional 560 shares during the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company's stock valued at $3,447,000 after purchasing an additional 602 shares during the last quarter. Comerica Bank increased its holdings in shares of D-Wave Quantum by 1.8% in the third quarter. Comerica Bank now owns 36,443 shares of the company's stock valued at $901,000 after purchasing an additional 643 shares in the last quarter. Finally, Presilium Private Wealth LLC increased its holdings in shares of D-Wave Quantum by 6.9% in the first quarter. Presilium Private Wealth LLC now owns 10,657 shares of the company's stock valued at $154,000 after purchasing an additional 687 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of recent research reports. Benchmark assumed coverage on D-Wave Quantum in a research report on Monday, July 27th. They issued a "buy" rating and a $30.00 price objective on the stock. Weiss Ratings upgraded D-Wave Quantum from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday. Wedbush initiated coverage on D-Wave Quantum in a report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price target on the stock. BMO Capital Markets started coverage on D-Wave Quantum in a research report on Thursday, August 20th. They issued an "outperform" rating and a $35.00 price objective for the company. Finally, Mizuho lifted their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the stock an "outperform" rating in a research report on Monday, June 15th. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $36.27.

D-Wave Quantum Price Performance

QBTS opened at $16.54 on Wednesday. The company has a fifty day moving average price of $19.67 and a two-hundred day moving average price of $20.11. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. D-Wave Quantum Inc. has a 52 week low of $12.75 and a 52 week high of $46.75. The firm has a market capitalization of $6.12 billion, a PE ratio of -23.30 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business had revenue of $3.08 million for the quarter, compared to the consensus estimate of $4.03 million. During the same quarter in the previous year, the firm posted ($0.08) EPS. The business's revenue was down 0.6 on a year-over-year basis. As a group, analysts anticipate that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director John D. Dilullo sold 7,850 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director owned 21,310 shares in the company, valued at approximately $520,603.30. This trade represents a 26.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $25.71, for a total value of $5,142,000.00. Following the transaction, the chief financial officer owned 1,142,820 shares of the company's stock, valued at $29,381,902.20. The trade was a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,009,157 shares of company stock valued at $26,155,555 in the last ninety days. 1.30% of the stock is currently owned by insiders.

About D-Wave Quantum

D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

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