Brown Miller Wealth Management LLC Has $1.26 Million Position in D-Wave Quantum Inc. $QBTS

Key Points

• Brown Miller Wealth Management LLC has reduced its stake in D-Wave Quantum Inc. by 24.6%, now holding 86,267 shares valued at approximately $1.26 million.
• Several institutional investors have increased their positions in D-Wave Quantum, contributing to overall institutional ownership of 42.47% of the company's stock.
• Equity analysts maintain a consensus rating of "Moderate Buy" for D-Wave Quantum, with a price target averaging around $20.27 following recent coverage updates.

Brown Miller Wealth Management LLC cut its position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 24.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 86,267 shares of the company's stock after selling 28,200 shares during the quarter. Brown Miller Wealth Management LLC's holdings in D-Wave Quantum were worth $1,263,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. McGuire Investment Group LLC grew its stake in shares of D-Wave Quantum by 1,224.6% during the 2nd quarter. McGuire Investment Group LLC now owns 366,810 shares of the company's stock worth $5,370,000 after acquiring an additional 339,117 shares in the last quarter. Signaturefd LLC grew its position in D-Wave Quantum by 24.2% in the second quarter. Signaturefd LLC now owns 7,168 shares of the company's stock valued at $105,000 after purchasing an additional 1,397 shares in the last quarter. Masso Torrence Wealth Management Inc. acquired a new stake in D-Wave Quantum in the 2nd quarter valued at $146,000. Wealth Management Partners LLC bought a new stake in D-Wave Quantum during the 2nd quarter worth about $240,000. Finally, Bouvel Investment Partners LLC bought a new stake in D-Wave Quantum during the 2nd quarter worth about $2,145,000. Institutional investors own 42.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group began coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price objective for the company. Piper Sandler raised their price target on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Stifel Nicolaus initiated coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a "buy" rating and a $26.00 target price for the company. Finally, Benchmark restated a "buy" rating and set a $20.00 target price on shares of D-Wave Quantum in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.27.

Insider Buying and Selling

In related news, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This represents a 17.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Markovich sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $16.30, for a total transaction of $815,000.00. Following the sale, the chief financial officer owned 1,599,511 shares of the company's stock, valued at $26,072,029.30. This trade represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 168,000 shares of company stock valued at $2,937,740. Company insiders own 3.20% of the company's stock.

D-Wave Quantum Stock Up 12.0%

QBTS stock opened at $32.72 on Friday. D-Wave Quantum Inc. has a 1-year low of $0.87 and a 1-year high of $33.28. The business's 50 day simple moving average is $19.18 and its 200 day simple moving average is $14.82. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $11.19 billion, a PE ratio of -31.16 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released 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). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The company had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.55 million. The firm's revenue for the quarter was up 40.9% compared to the same quarter last year. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

About D-Wave Quantum

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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