Cibc World Market Inc. Buys New Stake in D-Wave Quantum Inc. $QBTS

Key Points

• CIBC World Markets acquired 60,889 shares of D-Wave Quantum in the second quarter, valued at approximately $1.46 million. Institutional ownership currently stands at 42.47%, with several other firms also increasing their positions.
• D-Wave’s latest quarterly results missed expectations, reporting a loss of $0.10 per share versus the $0.08 consensus loss and revenue of $3.08 million versus $4.03 million expected. The stock opened at $17.90, well below its 12-month high of $46.75.
• Analysts remain broadly bullish, with 13 Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $36.27. However, insiders sold more than 1 million shares worth about $26.2 million over the past 90 days.

Cibc World Market Inc. bought a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 60,889 shares of the company's stock, valued at approximately $1,461,000.

Other large investors also recently added to or reduced their stakes in the company. Baird Financial Group Inc. boosted its position in shares of D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after buying an additional 1,300 shares during the period. Royal Bank of Canada raised its holdings in shares of D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company's stock valued at $1,231,000 after buying an additional 60,668 shares during the period. AQR Capital Management LLC raised its holdings in shares of D-Wave Quantum by 201.0% in the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock valued at $1,526,000 after buying an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company's stock worth $825,000 after acquiring an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in D-Wave Quantum by 125.7% during the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock worth $333,000 after acquiring an additional 24,382 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Up 2.2%

NASDAQ:QBTS opened at $17.90 on Friday. The firm has a market cap of $6.62 billion, a PE ratio of -25.21 and a beta of 2.15. The stock has a fifty day moving average price of $20.13 and a 200 day moving average price of $20.19. D-Wave Quantum Inc. has a 12-month low of $12.75 and a 12-month 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.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The company had revenue of $3.08 million for the quarter, compared to analysts' expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.D-Wave Quantum's revenue for the quarter was down 0.6 compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) EPS. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 687,627 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.13, for a total value of $17,967,693.51. Following the sale, the chief executive officer owned 3,299,771 shares of the company's stock, valued at $86,223,016.23. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sophie C. Ames sold 3,070 shares of the firm's stock in a transaction that occurred on 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 directly owned 589,009 shares in the company, valued at approximately $9,983,702.55. This trade represents a 0.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,012,065 shares of company stock valued at $26,245,703. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on QBTS. Roth Capital reaffirmed a "buy" rating and issued a $30.00 target price on shares of D-Wave Quantum in a research report on Thursday, August 6th. Benchmark initiated coverage on shares of D-Wave Quantum in a research report on Monday, July 27th. They set a "buy" rating and a $30.00 price target on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 7th. Wedbush initiated coverage on shares of D-Wave Quantum in a report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price objective for the company. Finally, B. Riley Financial lifted their price objective on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.27.

D-Wave Quantum Company 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.

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