KLP Kapitalforvaltning AS Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• KLP Kapitalforvaltning AS acquired 46,400 shares of D-Wave Quantum Inc., valued at approximately $353,000, as stated in their recent Form 13F filing with the SEC.
• Several institutional investors, including Vanguard Group Inc. and Bank of America Corp DE, have significantly increased their holdings in D-Wave Quantum, reflecting strong institutional interest in the company.
• D-Wave Quantum reported earnings of ($0.02) per share for the last quarter, surpassing expectations and increasing revenue to $15 million, which was above analyst predictions of $10.5 million.

KLP Kapitalforvaltning AS purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 46,400 shares of the company's stock, valued at approximately $353,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after acquiring an additional 3,624,407 shares in the last quarter. Bank of America Corp DE raised its position in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after acquiring an additional 2,497,263 shares in the last quarter. Penserra Capital Management LLC raised its position in D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. UNICOM Systems Inc. raised its position in D-Wave Quantum by 91.9% during the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after acquiring an additional 2,216,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research report on Wednesday, June 18th. B. Riley increased their price objective on shares of D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Benchmark reissued a "buy" rating and issued a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Needham & Company LLC increased their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price objective on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $16.70.

D-Wave Quantum Stock Performance

NYSE:QBTS traded down $0.80 during mid-day trading on Friday, reaching $16.39. 31,527,085 shares of the company's stock were exchanged, compared to its average volume of 42,962,408. D-Wave Quantum Inc. has a one year low of $0.75 and a one year high of $20.56. The firm has a market capitalization of $4.79 billion, a PE ratio of -27.32 and a beta of 1.41. The business's fifty day simple moving average is $16.74 and its two-hundred day simple moving average is $10.62. 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 released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director directly owned 14,260 shares in the company, valued at $240,281. This represents a 88.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John D. Dilullo sold 15,000 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $16.40, for a total transaction of $246,000.00. Following the sale, the director owned 44,295 shares in the company, valued at $726,438. The trade was a 25.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,636,796 shares of company stock valued at $27,872,091. Company insiders own 3.20% of the company's stock.

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.