Axxcess Wealth Management LLC Sells 27,531 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Axxcess Wealth Management LLC lessened its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 57.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,659 shares of the company's stock after selling 27,531 shares during the period. Axxcess Wealth Management LLC's holdings in D-Wave Quantum were worth $157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in D-Wave Quantum by 40.9% during the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock worth $110,000 after purchasing an additional 3,660 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in D-Wave Quantum by 40.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock worth $2,699,000 after purchasing an additional 91,721 shares in the last quarter. Victory Capital Management Inc. raised its holdings in D-Wave Quantum by 55.1% during the fourth quarter. Victory Capital Management Inc. now owns 29,399 shares of the company's stock worth $247,000 after purchasing an additional 10,444 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in D-Wave Quantum during the fourth quarter worth approximately $2,087,000. Institutional investors own 42.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price on the stock. Benchmark reissued a "buy" rating and set a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Williams Trading set a $20.00 price target on D-Wave Quantum in a report on Wednesday, June 18th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Finally, B. Riley reaffirmed a "buy" rating and issued a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a report on Wednesday, June 18th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of "Buy" and an average price target of $14.38.

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the transaction, the chief executive officer directly owned 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the transaction, the director owned 57,778 shares in the company, valued at approximately $970,670.40. The trade was a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is owned by corporate insiders.

D-Wave Quantum Price Performance

Shares of NYSE QBTS traded up $0.79 during trading on Wednesday, hitting $16.94. The company had a trading volume of 50,921,791 shares, compared to its average volume of 48,969,676. The company has a market cap of $4.95 billion, a P/E ratio of -28.22 and a beta of 1.40. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $19.77. The business's 50-day moving average is $15.51 and its 200 day moving average is $9.82. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The firm had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. Equities research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

D-Wave Quantum Company 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.