AlphaQuest LLC Purchases Shares of 42,007 D-Wave Quantum Inc. $QBTS

Key Points

• AlphaQuest LLC acquired 42,007 shares of D-Wave Quantum Inc. valued at approximately $319,000 in the first quarter of this year.
• Institutional investors now own 42.47% of D-Wave Quantum's stock, with several firms increasing their positions during the same period.
• D-Wave Quantum's recent earnings report showed a revenue increase of 40.9% year-over-year, although it missed analysts' earnings expectations by $0.03.

AlphaQuest LLC bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 42,007 shares of the company's stock, valued at approximately $319,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $26,000. Russell Investments Group Ltd. lifted its stake in shares of D-Wave Quantum by 133.9% in 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 period. Signaturefd LLC lifted its stake in shares of D-Wave Quantum by 106.1% in 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 period. 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 valued at $48,000 after purchasing an additional 3,266 shares during the period. Finally, IFP Advisors Inc lifted its stake in shares of D-Wave Quantum by 231.0% in the 1st quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock valued at $50,000 after purchasing an additional 4,620 shares during the period. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Down 1.8%

Shares of D-Wave Quantum stock traded down $0.29 on Friday, reaching $15.64. The company's stock had a trading volume of 19,965,373 shares, compared to its average volume of 38,080,760. The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of -14.89 and a beta of 1.41. The firm's fifty day simple moving average is $16.62 and its two-hundred day simple moving average is $12.23. D-Wave Quantum Inc. has a 52 week low of $0.80 and a 52 week high of $20.56. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The business had revenue of $3.10 million during the quarter, compared to the consensus estimate 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%.D-Wave Quantum's revenue for the quarter was up 40.9% on a year-over-year basis. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the sale, the director owned 44,295 shares of the company's stock, valued at approximately $726,438. This trade represents a 25.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director directly owned 14,260 shares of the company's stock, valued at approximately $240,281. The trade was a 88.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 378,787 shares of company stock worth $6,389,513. 3.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on QBTS shares. Cantor Fitzgerald started coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price for the company. Wall Street Zen cut D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Piper Sandler lifted their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Finally, Rosenblatt Securities initiated coverage on D-Wave Quantum in a research note on Tuesday, July 29th. They set a "buy" rating and a $30.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $19.27.

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.