16,691 Shares in D-Wave Quantum Inc. (NYSE:QBTS) Bought by Choreo LLC

Key Points

• Choreo LLC acquired a new stake in D-Wave Quantum Inc., purchasing 16,691 shares valued at approximately $127,000 during the first quarter.
• Several institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., significantly increased their holdings in D-Wave Quantum, which now has 42.47% of its stock owned by institutional investors.
• D-Wave Quantum reported an earnings per share of ($0.02), exceeding estimates, with a revenue of $15 million compared to a $10.5 million consensus estimate.

Choreo LLC acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 16,691 shares of the company's stock, valued at approximately $127,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $26,000. Signaturefd LLC increased its stake in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after acquiring an additional 2,971 shares during the last quarter. Amalgamated Bank increased its stake in D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after acquiring an additional 3,266 shares during the last quarter. IFP Advisors Inc increased its stake in D-Wave Quantum by 231.0% in the first quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock valued at $50,000 after acquiring an additional 4,620 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of D-Wave Quantum during the 1st quarter valued at about $69,000. 42.47% of the stock is currently owned by institutional investors.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.21, for a total value of $950,619.24. Following the transaction, the director owned 132,673 shares of the company's stock, valued at approximately $2,150,629.33. This represents a 30.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the transaction, the director directly owned 57,778 shares in the company, valued at approximately $970,670.40. This represents a 42.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock valued at $27,872,091 over the last quarter. 3.20% of the stock is owned by company insiders.

D-Wave Quantum Trading Down 4.7%

Shares of NYSE:QBTS traded down $0.80 during midday trading on Friday, reaching $16.39. 31,527,085 shares of the company's stock traded hands, compared to its average volume of 42,962,408. 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 $20.56. The stock has a 50 day moving average of $16.70 and a 200 day moving average of $10.70.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results 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 business had revenue of $15.00 million for the quarter, compared to analysts' expectations of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Canaccord Genuity Group started coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price objective on the stock. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Benchmark reiterated a "buy" rating and set a $20.00 target price (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price on the stock. Finally, Needham & Company LLC boosted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $16.70.

D-Wave Quantum 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.