Cibc World Market Inc. Increases Stock Position in D-Wave Quantum Inc. $QBTS

Key Points

• Cibc World Market Inc. boosted its D-Wave Quantum stake by 295% in the fourth quarter, ending with 54,760 shares valued at about $1.43 million.
• Wall Street sentiment remains mostly constructive: B. Riley raised its price target to $40 and maintained a Buy rating, while the consensus analyst view is still Moderate Buy with a $36.40 target.
• Insiders have been selling shares under pre-arranged trading plans, and the latest earnings showed D-Wave beat EPS expectations but posted weak revenue of $2.86 million, down 80.9% year over year.

Cibc World Market Inc. grew its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 295.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,760 shares of the company's stock after acquiring an additional 40,897 shares during the quarter. Cibc World Market Inc.'s holdings in D-Wave Quantum were worth $1,432,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of QBTS. Baird Financial Group Inc. increased its holdings 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 valued at $92,000 after acquiring an additional 1,300 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of D-Wave Quantum by 59.8% during the first quarter. Royal Bank of Canada now owns 162,088 shares of the company's stock valued at $1,231,000 after acquiring an additional 60,668 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of D-Wave Quantum by 201.0% during the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock valued at $1,526,000 after acquiring an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of D-Wave Quantum by 93.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company's stock valued at $825,000 after acquiring an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of D-Wave Quantum by 125.7% during the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock valued at $333,000 after acquiring an additional 24,382 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

Trending Headlines about D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: B. Riley raised its price target on D-Wave Quantum to $40 from $36 and kept a Buy rating, reinforcing a constructive Wall Street view on the stock. B. Riley is Bullish on D-Wave Quantum Inc. (QBTS)
• Positive Sentiment: Multiple recent articles cite upside potential for QBTS, with analyst targets implying meaningful gains if the quantum computing sector attracts fresh capital. 2 Quantum Stocks With 45%+ Upside in June as OpenAI, SpaceX Eye IPO
• Neutral Sentiment: Recent board and insider filings appear largely routine, including a director sale that was made under a pre-arranged 10b5-1 plan and an article noting routine RSU grants. John Dilullo Sells 7,850 Shares of D-Wave Quantum NYSE: QBTS Stock
• Negative Sentiment: Investor sentiment toward QBTS has weakened today as money moved out of speculative growth stocks, putting pressure on the valuation despite no major operational setback in the news. D-Wave Quantum Plummeted Today -- Is the Stock a Buy Right Now?
• Negative Sentiment: One article argues that larger tech names like Intel and IBM are increasing quantum investments, which could make it harder for pure-play companies such as D-Wave to stand out. The Case for Intel Over Pure-Play Quantum Firms (QBTS)

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on QBTS shares. B. Riley Financial raised their price target on D-Wave Quantum from $36.00 to $40.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Jefferies Financial Group restated a "buy" rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Needham & Company LLC restated a "buy" rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Weiss Ratings downgraded D-Wave Quantum from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, April 29th. Finally, Zacks Research upgraded D-Wave Quantum from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 28th. Fourteen investment 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Insiders Place Their Bets

In other D-Wave Quantum news, VP Sophie C. Ames sold 23,025 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total transaction of $437,014.50. Following the completion of the sale, the vice president directly owned 596,803 shares in the company, valued at $11,327,320.94. The trade was a 3.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John D. Dilullo sold 7,850 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the sale, the director owned 21,310 shares of the company's stock, valued at approximately $520,603.30. This represents a 26.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,311 shares of company stock valued at $10,255,860 over the last quarter. Corporate insiders own 1.30% of the company's stock.

D-Wave Quantum Price Performance

NYSE QBTS opened at $23.53 on Wednesday. D-Wave Quantum Inc. has a one year low of $12.75 and a one year high of $46.75. The stock has a 50-day moving average of $21.12 and a 200 day moving average of $22.22. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of -20.82 and a beta of 2.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The company had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. During the same period last year, the company earned ($0.02) EPS. D-Wave Quantum's revenue for the quarter was down 80.9% on a year-over-year basis. On average, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

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.

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.