Axxcess Wealth Management LLC Buys 29,407 Shares of D-Wave Quantum Inc. $QBTS

Key Points

• Axxcess Wealth Management LLC nearly doubled its D-Wave Quantum stake in the fourth quarter, buying 29,407 additional shares and bringing its total holdings to 59,138 shares valued at about $1.55 million.
• D-Wave’s latest quarterly results were mixed: it beat EPS estimates by reporting a smaller-than-expected loss, but revenue came in below forecasts and fell sharply year over year.
• The stock has attracted strong institutional and analyst attention, with hedge funds owning 42.47% of shares and most Wall Street analysts rating QBTS a Buy despite recent insider sales and ongoing volatility.

Axxcess Wealth Management LLC boosted its holdings in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 98.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,138 shares of the company's stock after purchasing an additional 29,407 shares during the quarter. Axxcess Wealth Management LLC's holdings in D-Wave Quantum were worth $1,546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of QBTS. Baird Financial Group Inc. grew its holdings in D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after purchasing an additional 1,300 shares during the period. Royal Bank of Canada grew its holdings in D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company's stock worth $1,231,000 after purchasing an additional 60,668 shares during the period. AQR Capital Management LLC grew its holdings in D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock worth $1,526,000 after purchasing an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company's stock worth $825,000 after purchasing an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock worth $333,000 after purchasing an additional 24,382 shares during the period. Hedge funds and other institutional investors own 42.47% of the company's stock.

Key Stories Impacting D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: D-Wave reported record bookings and a rapidly expanding backlog, signaling stronger customer demand and improving visibility into future revenue. D-Wave Stock Skyrockets 62% After Q1 Earnings: Time to Buy QBTS?
• Positive Sentiment: Investor enthusiasm is also being fueled by expanding use cases in AI and blockchain, which could broaden D-Wave’s commercial opportunity beyond pure quantum computing. D-Wave Stock Skyrockets 62% After Q1 Earnings: Time to Buy QBTS?
• Positive Sentiment: The company advanced its dual-platform strategy with an acquisition, which may strengthen its product lineup and commercial reach. D-Wave Quantum Advances Dual-Platform Strategy With Acquisition
• Positive Sentiment: Shares are also benefiting from news that D-Wave secured $100 million in U.S. government backing tied to accelerating quantum computing development, a major credibility boost for the business. D-Wave (QBTS) Spikes Up 44% on Govt Backing
• Neutral Sentiment: There was also heavy trading volume and insider selling disclosed by a vice president, which may have added to volatility but does not necessarily change the long-term story. D-Wave Vice President Sophie Ames Sells $437,000 Worth Of Shares: QBTS Stock Is Trending Overnight

Analysts Set New Price Targets

QBTS has been the topic of a number of recent research reports. Canaccord Genuity Group cut their price objective on shares of D-Wave Quantum from $43.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, May 13th. Roth Mkm cut their price objective on shares of D-Wave Quantum from $40.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Needham & Company LLC restated a "buy" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. TD Cowen initiated coverage on shares of D-Wave Quantum in a report on Thursday, February 12th. They issued a "buy" rating on the stock. Finally, Weiss Ratings cut shares of D-Wave Quantum from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, April 29th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.67.

D-Wave Quantum Trading Down 0.9%

NYSE:QBTS opened at $29.13 on Tuesday. The company's 50 day moving average price is $18.63 and its 200-day moving average price is $22.13. D-Wave Quantum Inc. has a 52 week low of $12.75 and a 52 week high of $46.75. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. The stock has a market cap of $10.78 billion, a price-to-earnings ratio of -25.78 and a beta of 1.95.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results 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 net margin of 2,957.23% and a negative return on equity of 44.06%. The firm had revenue of $2.86 million for the quarter, compared to analysts' expectations of $4.19 million. During the same quarter in the prior year, the company posted ($0.02) earnings per share. The business's revenue for the quarter was down 80.9% on a year-over-year basis. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO John M. Markovich sold 10,706 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $17.63, for a total transaction of $188,746.78. Following the sale, the chief financial officer owned 1,451,427 shares in the company, valued at $25,588,658.01. This represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sophie C. Ames sold 23,025 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $18.98, for a total value of $437,014.50. Following the transaction, the vice president directly owned 596,803 shares in the company, valued at $11,327,320.94. The trade was a 3.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 54,801 shares of company stock worth $1,011,586. Corporate insiders own 3.20% of the company's stock.

D-Wave Quantum Profile

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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