Anderson Hoagland & Co. bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 64,067 shares of the company's stock, valued at approximately $1,537,000.
Several other institutional investors also recently made changes to their positions in QBTS. Root Financial Partners LLC grew its position in D-Wave Quantum by 388.0% during the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company's stock worth $26,000 after buying an additional 776 shares during the period. Parallel Advisors LLC increased its stake in D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company's stock valued at $26,000 after purchasing an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at approximately $28,000. PeakShares LLC acquired a new position in D-Wave Quantum during the first quarter worth $29,000. Finally, EverSource Wealth Advisors LLC raised its holdings in D-Wave Quantum by 267.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company's stock worth $30,000 after purchasing an additional 838 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at D-Wave Quantum
In other news, VP Sophie C. Ames sold 23,025 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the transaction, the vice president owned 596,803 shares of the company's stock, valued at $11,327,320.94. This represents a 3.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the transaction, the chief executive officer owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. The trade was a 17.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,363,842 shares of company stock worth $35,789,148. Company insiders own 1.30% of the company's stock.
More D-Wave Quantum News
Here are the key news stories impacting D-Wave Quantum this week:
- Positive Sentiment: Nasdaq Verafin partnership: D-Wave and Nasdaq Verafin agreed to explore how D-Wave’s quantum technology could improve financial-crime detection. The application-development agreement gives D-Wave an opportunity to demonstrate its annealing and gate-model systems in a potentially important financial-services use case. D-Wave and Nasdaq Verafin Announce Agreement for Quantum Computing Application Development
- Positive Sentiment: Analyst support: Wedbush began coverage with an “outperform” rating and a $40 price target, implying substantial potential upside from the stock’s referenced price of $21.83. The initiation may have added buying interest. Wedbush initiates coverage of D-Wave Quantum
- Positive Sentiment: Sector momentum: Quantum-computing peers also rallied, while technology stocks were higher late in the session, creating a favorable broader-market backdrop for QBTS. D-Wave Spikes on Nasdaq Verafin Deal
Analyst Upgrades and Downgrades
Several analysts have weighed in on the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Benchmark began coverage on D-Wave Quantum in a research note on Monday, July 27th. They set a "buy" rating and a $30.00 price target for the company. Roth Capital boosted their price objective on shares of D-Wave Quantum from $30.00 to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, July 28th. Finally, Needham & Company LLC restated a "buy" rating and set a $40.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.80.
Check Out Our Latest Stock Report on QBTS
D-Wave Quantum Stock Performance
NYSE QBTS opened at $21.83 on Wednesday. D-Wave Quantum Inc. has a fifty-two week low of $12.75 and a fifty-two week high of $46.75. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of -19.32 and a beta of 2.11. The business has a fifty day moving average of $22.25 and a 200-day moving average of $20.71. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business had revenue of $2.86 million for the quarter, compared to analyst estimates of $4.19 million. During the same quarter last year, the company earned ($0.02) earnings per share. The business's revenue for the quarter was down 80.9% compared to the same quarter last year. As a group, analysts predict that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.
D-Wave Quantum Company Profile
(
Free Report)
D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
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