Bank of New York Mellon Corp Takes $54.95 Million Position in D-Wave Quantum Inc. $QBTS

Bank of New York Mellon Corp purchased a new position in D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,290,584 shares of the company's stock, valued at approximately $54,951,000. Bank of New York Mellon Corp owned approximately 0.62% of D-Wave Quantum at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in QBTS. Root Financial Partners LLC boosted its stake in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company's stock valued at $26,000 after buying an additional 776 shares during the period. Parallel Advisors LLC grew its stake in shares of 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 buying an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in D-Wave Quantum in the fourth quarter worth approximately $28,000. PeakShares LLC bought a new position in D-Wave Quantum during the first quarter valued at approximately $29,000. Finally, EverSource Wealth Advisors LLC lifted its stake in D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company's stock valued at $30,000 after acquiring an additional 838 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about D-Wave Quantum

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

• Positive Sentiment: D-Wave’s commercial opportunity remains a potential long-term catalyst. Growing bookings, backlog, and commercial-customer adoption could support future revenue growth despite the company’s recent earnings and revenue miss. The Bull Case for D-Wave After a Disappointing Earnings Season
• Positive Sentiment: Quantum-related cybersecurity spending could create an additional market opportunity for D-Wave and other quantum companies as organizations prepare for encryption threats and post-quantum security requirements. Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch
• Neutral Sentiment: Markovich’s replacement will serve in an acting capacity, providing continuity while D-Wave searches for a permanent CFO. The change also affected other speculative quantum-computing stocks, suggesting sector-wide risk reduction rather than a company-specific development alone. D-Wave CFO Retires; Stock Slips as Acting CFO Takes Over
• Negative Sentiment: The CFO’s retirement unsettled investors because it comes after D-Wave missed quarterly EPS and revenue expectations. With ongoing losses and a high-growth valuation, investors may be particularly sensitive to leadership changes and questions about the company’s financial execution. D-Wave Quantum Announces the Resignation of Chief Financial Officer

D-Wave Quantum Stock Down 9.5%

Shares of QBTS stock opened at $17.51 on Thursday. D-Wave Quantum Inc. has a 12 month low of $12.75 and a 12 month high of $46.75. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. The firm has a market cap of $6.48 billion, a PE ratio of -24.66 and a beta of 2.15. The stock has a 50 day moving average of $20.27 and a 200-day moving average of $20.21.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The company had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company's revenue was down 0.6 on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.08) EPS. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.46 EPS for the current year.

Insider Activity at D-Wave Quantum

In other news, Director Rohit Ghai sold 13,518 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the transaction, the director owned 23,617 shares in the company, valued at approximately $623,724.97. The trade was a 36.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director directly owned 21,310 shares of the company's stock, valued at $520,603.30. This represents a 26.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,012,065 shares of company stock worth $26,245,703. Insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, May 13th. B. Riley Financial increased their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Zacks Research lowered D-Wave Quantum from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. BMO Capital Markets assumed coverage on D-Wave Quantum in a research report on Thursday, August 20th. They issued an "outperform" rating and a $35.00 price target for the company. Finally, Weiss Ratings downgraded D-Wave Quantum from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.27.

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.

Want to see what other hedge funds are holding QBTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source