109,000 Shares in D-Wave Quantum Inc. $QBTS Bought by Algert Global LLC

Key Points

• Algert Global LLC has acquired 109,000 shares of D-Wave Quantum Inc., investing approximately $828,000 during the 1st quarter, amid increased interest from other institutional investors.
• Despite positive revenue growth of 40.9% year-over-year, D-Wave reported a loss of ($0.08) EPS, falling short of analysts' estimates.
• Analysts have given D-Wave Quantum a consensus rating of "Buy" with a target price of $19.27, although recent activity has seen some downgrades to "sell" ratings.

Algert Global LLC bought a new position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 109,000 shares of the company's stock, valued at approximately $828,000.

Other institutional investors have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the fourth quarter valued at about $26,000. Russell Investments Group Ltd. increased its position in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after purchasing an additional 3,165 shares during the last quarter. Signaturefd LLC increased its position in shares of D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after purchasing an additional 2,971 shares during the last quarter. Amalgamated Bank lifted 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 worth $48,000 after purchasing an additional 3,266 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of D-Wave Quantum by 231.0% in the first quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock worth $50,000 after buying an additional 4,620 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Trading Up 5.1%

Shares of NYSE QBTS traded up $0.75 during midday trading on Friday, reaching $15.56. The stock had a trading volume of 31,579,699 shares, compared to its average volume of 39,838,828. The stock has a 50-day moving average of $16.65 and a 200-day moving average of $11.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. D-Wave Quantum Inc. has a 12-month low of $0.80 and a 12-month high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The company had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. The company's quarterly revenue was up 40.9% on a year-over-year basis. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In related news, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director owned 14,260 shares in the company, valued at $240,281. The trade was a 88.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the transaction, the chief financial officer owned 1,558,753 shares of the company's stock, valued at approximately $28,057,554. This trade represents a 6.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 378,787 shares of company stock worth $6,389,513 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price target on the stock. B. Riley upped their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Wall Street Zen downgraded D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Eleven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $19.27.

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.