Burr Financial Services LLC Makes New Investment in D-Wave Quantum Inc. $QBTS

Key Points

• Burr Financial Services initiated a position of 382,788 D-Wave Quantum shares worth approximately $6.34 million, making QBTS its seventh-largest holding and representing about 3.9% of its portfolio. Institutional investors collectively own 42.47% of the company.
• D-Wave shares fell 5.4% to $14.40, while the company reported a quarterly loss of $0.10 per share and revenue of $3.08 million, missing analyst expectations for both measures.
• Analysts maintain a “Moderate Buy” consensus rating, with a $36.27 average price target; recent targets include $30 from Benchmark and Roth Capital and $35 from BMO Capital Markets.

Burr Financial Services LLC bought a new position in D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 382,788 shares of the company's stock, valued at approximately $6,343,000. D-Wave Quantum makes up approximately 3.9% of Burr Financial Services LLC's portfolio, making the stock its 7th biggest holding. Burr Financial Services LLC owned 0.10% of D-Wave Quantum at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Tidal Investments LLC purchased a new position in shares of D-Wave Quantum in the second quarter valued at $372,000. Archford Capital Strategies LLC bought a new position in D-Wave Quantum during the second quarter valued at $200,000. WINTON GROUP Ltd purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth $6,720,000. NorthRock Partners LLC purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth $359,000. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of D-Wave Quantum by 18.2% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 17,136 shares of the company's stock worth $411,000 after buying an additional 2,640 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Sophie Ames sold 3,070 shares of the business's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the completion of the sale, the vice president owned 589,009 shares of the company's stock, valued at $9,983,702.55. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.30% of the stock is currently owned by company insiders.

D-Wave Quantum Stock Down 5.4%

Shares of QBTS stock traded down $0.82 during trading hours on Thursday, reaching $14.40. 7,451,400 shares of the company's stock were exchanged, compared to its average volume of 26,580,801. D-Wave Quantum Inc. has a 1 year low of $12.75 and a 1 year high of $46.75. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03. The stock has a market cap of $5.33 billion, a PE ratio of -20.26 and a beta of 2.18. The stock's fifty day moving average price is $18.01 and its two-hundred day moving average price is $19.78.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 2,001.59% and a negative return on equity of 26.67%. D-Wave Quantum's revenue was down 0.6 compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) EPS. Research analysts predict that D-Wave Quantum Inc. will post -0.46 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. BMO Capital Markets assumed coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They issued an "outperform" rating and a $35.00 price target for the company. Weiss Ratings upgraded D-Wave Quantum from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 28th. Wall Street Zen raised D-Wave Quantum from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Benchmark initiated coverage on D-Wave Quantum in a report on Monday, July 27th. They issued a "buy" rating and a $30.00 target price for the company. Finally, Roth Capital restated a "buy" rating and set a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.27.

D-Wave Quantum Company Profile

D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.

Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.

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.