Corient Private Wealth LP Invests $9.24 Million in D-Wave Quantum Inc. $QBTS

Key Points

• Corient Private Wealth acquired 385,296 D-Wave Quantum shares worth approximately $9.24 million, while institutional investors collectively owned 42.47% of QBTS.
• Company insiders have sold 1.01 million shares valued at roughly $26.25 million over the past 90 days, leaving insiders with only 1.30% ownership.
• D-Wave missed quarterly earnings and revenue estimates, reporting a $0.10 per-share loss and $3.08 million in revenue. Despite the weak results, analysts maintain a “Moderate Buy” consensus with an average price target of $36.27 versus a recent share price of $16.99.

Corient Private Wealth LP acquired a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 385,296 shares of the company's stock, valued at approximately $9,243,000. Corient Private Wealth LP owned 0.10% of D-Wave Quantum as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. World Investment Advisors boosted its position in D-Wave Quantum by 195.7% during the 4th quarter. World Investment Advisors now owns 41,691 shares of the company's stock worth $1,090,000 after acquiring an additional 27,592 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of D-Wave Quantum by 319.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 98,747 shares of the company's stock worth $1,353,000 after acquiring an additional 75,198 shares in the last quarter. Clear Street Group Inc. raised its holdings in shares of D-Wave Quantum by 40.4% in the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company's stock valued at $111,955,000 after purchasing an additional 1,232,106 shares during the last quarter. Cibc World Market Inc. raised its holdings in shares of D-Wave Quantum by 295.0% in the fourth quarter. Cibc World Market Inc. now owns 54,760 shares of the company's stock valued at $1,432,000 after purchasing an additional 40,897 shares during the last quarter. Finally, Intech Investment Management LLC lifted its position in shares of D-Wave Quantum by 26.9% in the fourth quarter. Intech Investment Management LLC now owns 112,742 shares of the company's stock worth $2,948,000 after purchasing an additional 23,892 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

Insider Activity

In other news, Director John D. Dilullo sold 7,850 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the sale, the director directly owned 21,310 shares in the company, valued at approximately $520,603.30. This represents a 26.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $26.41, for a total value of $357,010.38. Following the sale, the director owned 23,617 shares of the company's stock, valued at approximately $623,724.97. The trade was a 36.40% 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. Over the last 90 days, insiders have sold 1,012,065 shares of company stock worth $26,245,703. 1.30% of the stock is currently owned by insiders.

D-Wave Quantum Stock Performance

Shares of NASDAQ:QBTS opened at $16.99 on Monday. D-Wave Quantum Inc. has a 12-month low of $12.75 and a 12-month high of $46.75. The company's 50 day moving average price is $19.98 and its two-hundred day moving average price is $20.16. The firm has a market cap of $6.28 billion, a PE ratio of -23.93 and a beta of 2.15. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.02). The business had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The firm's quarterly revenue was down 0.6 on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. Equities research analysts predict that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Zacks Research cut D-Wave Quantum from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Stifel Nicolaus set a $35.00 target price on D-Wave Quantum in a report on Tuesday, June 2nd. BMO Capital Markets started coverage on D-Wave Quantum in a research report on Thursday, August 20th. They set an "outperform" rating and a $35.00 price target for the company. Benchmark started coverage on D-Wave Quantum in a research note on Monday, July 27th. They issued a "buy" rating and a $30.00 price target for the company. Finally, Wedbush assumed coverage on D-Wave Quantum in a research note on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price target for the company. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, D-Wave Quantum currently has an average rating of "Moderate Buy" and an average price target of $36.27.

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.

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