Caas Capital Management LP Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Caas Capital Management LP purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 39,700 shares of the company's stock, valued at approximately $302,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares during the period. Bank of America Corp DE boosted its stake in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock worth $21,404,000 after acquiring an additional 2,497,263 shares in the last quarter. Penserra Capital Management LLC boosted its stake in D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares in the last quarter. Geode Capital Management LLC boosted its stake in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in D-Wave Quantum by 134.0% during the first quarter. Bank of New York Mellon Corp now owns 513,834 shares of the company's stock worth $3,905,000 after acquiring an additional 294,214 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at D-Wave Quantum

In other news, Director Roger Biscay sold 106,626 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total value of $1,796,648.10. Following the transaction, the director owned 14,260 shares in the company, valued at $240,281. This represents a 88.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the sale, the chief executive officer owned 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on QBTS. Needham & Company LLC raised their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. B. Riley reaffirmed a "buy" rating and issued a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Benchmark reaffirmed a "buy" rating and issued a $20.00 price objective (up 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. Finally, Cantor Fitzgerald assumed coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and a consensus target price of $14.38.

D-Wave Quantum Trading Down 7.6%

NYSE QBTS traded down $1.21 during trading on Friday, hitting $14.80. The company had a trading volume of 29,919,529 shares, compared to its average volume of 48,614,091. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. D-Wave Quantum Inc. has a one year low of $0.75 and a one year high of $19.77. The company has a market cap of $4.32 billion, a price-to-earnings ratio of -24.67 and a beta of 1.40. The company's fifty day moving average is $14.95 and its 200-day moving average is $9.67.

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