Brown Miller Wealth Management LLC Invests $870,000 in D-Wave Quantum Inc. (NYSE:QBTS)

Brown Miller Wealth Management LLC acquired a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 114,467 shares of the company's stock, valued at approximately $870,000.

Several other large investors have also modified their holdings of the stock. Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after acquiring an additional 1,766 shares during the period. Invesco Ltd. lifted its holdings in shares of D-Wave Quantum by 5.1% during the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares during the period. Corebridge Financial Inc. lifted its holdings in shares of D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after acquiring an additional 2,342 shares during the period. Veracity Capital LLC lifted its holdings in shares of D-Wave Quantum by 9.3% during the 1st quarter. Veracity Capital LLC now owns 29,725 shares of the company's stock worth $226,000 after acquiring an additional 2,532 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of D-Wave Quantum during the 4th quarter worth about $26,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 400,000 shares of the firm's 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 sale, the chief financial officer now directly owns 1,577,944 shares in the company, valued at approximately $27,298,431.20. This trade represents a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roger Biscay sold 96,521 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total value of $1,723,865.06. Following the completion of the sale, the director now owns 106,626 shares in the company, valued at $1,904,340.36. The trade was a 47.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,358,009 shares of company stock worth $23,282,578. 3.20% of the stock is owned by insiders.

D-Wave Quantum Stock Down 4.8%

Shares of NYSE:QBTS opened at $15.12 on Monday. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $19.77. The company has a 50 day moving average of $11.54 and a two-hundred day moving average of $8.31. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of -36.00 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. B. Riley raised their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC raised their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Benchmark raised their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Roth Mkm raised their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $10.17.

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.

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