California State Teachers Retirement System Boosts Holdings in D-Wave Quantum Inc. $QBTS

Key Points

• California State Teachers Retirement System increased its D-Wave Quantum stake by 26.9% in the first quarter to 407,235 shares valued at approximately $5.9 million. Institutional investors collectively own 42.47% of QBTS.
• D-Wave insiders sold 1.36 million shares worth approximately $35.8 million over the past 90 days, including substantial sales by the CFO and a director.
• D-Wave beat quarterly EPS expectations but reported revenue of $2.86 million, down 80.9% year over year and below estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $36.80, compared with a recent share price of $21.39.

California State Teachers Retirement System boosted its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 26.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 407,235 shares of the company's stock after buying an additional 86,267 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of D-Wave Quantum worth $5,876,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sigma Planning Corp grew its position in shares of D-Wave Quantum by 3.6% during the 4th quarter. Sigma Planning Corp now owns 16,329 shares of the company's stock valued at $431,000 after acquiring an additional 560 shares during the period. AlphaStar Capital Management LLC raised its holdings in D-Wave Quantum by 2.2% in the 4th quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company's stock worth $708,000 after purchasing an additional 592 shares during the period. Thoroughbred Financial Services LLC lifted its position in D-Wave Quantum by 0.5% during the fourth quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company's stock valued at $3,447,000 after purchasing an additional 602 shares in the last quarter. Arizona State Retirement System lifted its position in D-Wave Quantum by 0.7% during the fourth quarter. Arizona State Retirement System now owns 92,037 shares of the company's stock valued at $2,407,000 after purchasing an additional 613 shares in the last quarter. Finally, Kestra Private Wealth Services LLC grew its holdings in D-Wave Quantum by 2.1% during the fourth quarter. Kestra Private Wealth Services LLC now owns 29,297 shares of the company's stock valued at $766,000 after purchasing an additional 615 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 13,518 shares of the company's stock in a transaction that occurred on 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. This represents a 36.40% decrease in their position. The sale 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, CFO John M. Markovich sold 328,752 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the completion of the transaction, the chief financial officer directly owned 1,442,820 shares of the company's stock, valued at approximately $39,966,114. This represents a 18.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,363,842 shares of company stock worth $35,789,148 over the last ninety days. 1.30% of the stock is currently owned by insiders.

D-Wave Quantum Price Performance

QBTS opened at $21.39 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 21.41 and a quick ratio of 21.31. The firm has a market capitalization of $7.91 billion, a PE ratio of -18.93 and a beta of 2.11. The business's 50-day moving average is $22.13 and its two-hundred day moving average is $20.65. D-Wave Quantum Inc. has a 1 year low of $12.75 and a 1 year high of $46.75.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.03. The company had revenue of $2.86 million during the quarter, compared to analysts' expectations of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. D-Wave Quantum's revenue for the quarter was down 80.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.02) earnings per share. Research analysts anticipate that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

QBTS has been the topic of several recent research reports. Benchmark initiated coverage on D-Wave Quantum in a research note on Monday, July 27th. They issued a "buy" rating and a $30.00 price objective on the stock. Weiss Ratings upgraded D-Wave Quantum from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, June 23rd. B. Riley Financial lifted their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Needham & Company LLC restated a "buy" rating and issued a $40.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Finally, Rosenblatt Securities restated a "buy" rating and set a $43.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.80.

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. (NYSE: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