Bank of New York Mellon Corp Grows Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• Bank of New York Mellon Corp significantly increased its stake in D-Wave Quantum, growing holdings by 134% to 513,834 shares, valued at approximately $3.91 million by the end of the first quarter.
• D-Wave Quantum reported earnings of ($0.02) per share, surpassing expectations, with quarterly revenue reaching $15 million against an anticipated $10.5 million.
• Analysts have a consensus rating of "Buy" for D-Wave Quantum stock, with an average target price of $15.22, supported by positive commentary from several brokerages.

Bank of New York Mellon Corp lifted its position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 134.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 513,834 shares of the company's stock after buying an additional 294,214 shares during the period. Bank of New York Mellon Corp owned about 0.18% of D-Wave Quantum worth $3,905,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $26,000. 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. KBC Group NV acquired a new position in shares of D-Wave Quantum in the 1st quarter valued at about $69,000. Summit Investment Advisors Inc. increased its position in D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after buying an additional 1,766 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in D-Wave Quantum by 4,019.5% during the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock worth $80,000 after purchasing an additional 10,330 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Trading Down 1.2%

QBTS stock traded down $0.21 during mid-day trading on Tuesday, reaching $18.14. The company had a trading volume of 11,922,199 shares, compared to its average volume of 70,582,930. The firm has a 50 day moving average of $16.73 and a 200 day moving average of $10.44. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $20.56. The company has a market capitalization of $5.30 billion, a PE ratio of -30.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on QBTS shares. Rosenblatt Securities assumed coverage on D-Wave Quantum in a report on Tuesday. They issued a "buy" rating and a $30.00 target price for the company. Benchmark reissued a "buy" rating and issued a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a report on Wednesday, June 18th. Finally, Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $16.70.

Insider Activity at D-Wave Quantum

In other news, Director John D. Dilullo sold 15,000 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the transaction, the director directly owned 44,295 shares of the company's stock, valued at approximately $726,438. This trade represents a 25.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the transaction, the chief financial officer owned 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock valued at $27,872,091 in the last quarter. 3.20% of the stock is currently owned by insiders.

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.