Avantax Advisory Services Inc. Trims Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• Avantax Advisory Services Inc. significantly reduced its holdings in D-Wave Quantum Inc. by 82.0% during the 1st quarter, now owning 14,562 shares worth approximately $111,000.
• Various institutional investors have increased their stakes in D-Wave Quantum, with significant increases such as IFP Advisors Inc. growing their holdings by 231.0% in the same quarter.
• Despite missing earnings estimates with an EPS of (0.08), D-Wave Quantum reported revenue growth of 40.9% year-over-year, indicating positive market performance.

Avantax Advisory Services Inc. decreased its holdings in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 82.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,562 shares of the company's stock after selling 66,173 shares during the quarter. Avantax Advisory Services Inc.'s holdings in D-Wave Quantum were worth $111,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum in the 4th quarter valued at $26,000. Signaturefd LLC increased its stake in 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 buying an additional 2,971 shares during the period. Amalgamated Bank increased its stake in 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 buying an additional 3,266 shares during the period. IFP Advisors Inc increased its stake in 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 buying an additional 4,620 shares during the period. Finally, KBC Group NV acquired a new position in D-Wave Quantum in the 1st quarter valued at $69,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on QBTS. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Piper Sandler boosted their price objective on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday. Needham & Company LLC reissued a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Canaccord Genuity Group started coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Wall Street Zen cut shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday. One equities research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, D-Wave Quantum currently has an average rating of "Moderate Buy" and a consensus price target of $19.27.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $16.84 on Monday. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of -16.04 and a beta of 1.41. D-Wave Quantum Inc. has a 52 week low of $0.78 and a 52 week high of $20.56. The company's 50-day moving average price is $16.71 and its 200 day moving average price is $11.18. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. D-Wave Quantum's revenue for the quarter was up 40.9% on a year-over-year basis. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, Director Rohit Ghai sold 43,517 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the sale, the director directly owned 57,778 shares of the company's stock, valued at approximately $970,670.40. This represents a 42.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kirstjen Nielsen sold 13,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.04, for a total transaction of $208,520.00. Following the completion of the sale, the director directly owned 119,673 shares in the company, valued at approximately $1,919,554.92. The trade was a 9.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 in the last 90 days. 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.

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