43,122 Shares in D-Wave Quantum Inc. (NYSE:QBTS) Acquired by BayBridge Capital Group LLC

BayBridge Capital Group LLC bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 43,122 shares of the company's stock, valued at approximately $328,000.

Several other hedge funds have also added to or reduced their stakes in QBTS. Summit Investment Advisors Inc. lifted its position in shares of D-Wave Quantum by 20.6% in 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. Invesco Ltd. lifted its position in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. lifted its position in shares of D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after purchasing an additional 2,342 shares during the period. Veracity Capital LLC lifted its position in shares of D-Wave Quantum by 9.3% in the 1st quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock worth $226,000 after purchasing an additional 2,532 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter worth approximately $26,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the sale, the chief executive officer now owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roger Biscay sold 96,521 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the sale, the director now owns 106,626 shares of the company's stock, valued at $1,904,340.36. This trade represents a 47.51% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,358,009 shares of company stock worth $23,282,578. 3.20% of the stock is owned by corporate insiders.

D-Wave Quantum Stock Down 4.8%

NYSE:QBTS opened at $15.12 on Friday. The company has a fifty day moving average of $11.54 and a 200-day moving average of $8.27. The firm has a market capitalization of $4.42 billion, a P/E ratio of -36.00 and a beta of 1.49. D-Wave Quantum Inc. has a twelve month low of $0.75 and a twelve month high of $19.77.

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, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on QBTS shares. Needham & Company LLC boosted their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Roth Mkm boosted their price target 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 shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Finally, Benchmark boosted their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $10.17.

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.

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