Allspring Global Investments Holdings LLC Acquires Shares of 14,609 D-Wave Quantum Inc. $QBTS

Key Points

• Allspring Global Investments Holdings LLC acquired 14,609 shares of D-Wave Quantum Inc. (NYSE: QBTS), valued at approximately $217,000, in the second quarter.
• Several institutional investors, including Vanguard Group Inc. and Penserra Capital Management LLC, significantly increased their stakes in D-Wave Quantum during the first quarter.
• D-Wave Quantum's stock price recently opened at $32.64, with a consensus rating of "Moderate Buy" and an average target price of $20.27 according to analysts.

Allspring Global Investments Holdings LLC bought a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,609 shares of the company's stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after buying an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC lifted its position in D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after buying an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. lifted its position in D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after buying an additional 2,216,000 shares during the last quarter. Northern Trust Corp lifted its position in D-Wave Quantum by 63.4% in the first quarter. Northern Trust Corp now owns 1,597,981 shares of the company's stock worth $12,145,000 after buying an additional 619,894 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in D-Wave Quantum in the first quarter worth $8,064,000. 42.47% of the stock is currently owned by institutional investors.

Insider Transactions at D-Wave Quantum

In other news, CFO John M. Markovich sold 100,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $18.00, for a total value of $1,800,000.00. Following the transaction, the chief financial officer owned 1,558,753 shares in the company, valued at approximately $28,057,554. This represents a 6.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director directly owned 47,778 shares of the company's stock, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 207,363 shares of company stock worth $4,659,478 in the last 90 days. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on QBTS shares. Cantor Fitzgerald started coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price for the company. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Benchmark reiterated a "buy" rating and set a $20.00 target price on shares of D-Wave Quantum in a research report on Monday, August 4th. Wall Street Zen downgraded D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Canaccord Genuity Group started coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of "Moderate Buy" and an average target price of $20.27.

D-Wave Quantum Stock Up 5.1%

Shares of QBTS stock opened at $32.64 on Friday. The stock has a 50 day moving average of $24.68 and a 200 day moving average of $17.78. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. The stock has a market cap of $11.16 billion, a P/E ratio of -31.08 and a beta of 1.49. D-Wave Quantum Inc. has a twelve month low of $0.98 and a twelve month high of $46.75.

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

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.

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