Curbstone Financial Management Corp Acquires Shares of 20,000 D-Wave Quantum Inc. (NYSE:QBTS)

Curbstone Financial Management Corp bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 20,000 shares of the company's stock, valued at approximately $152,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the period. Geode Capital Management LLC grew its position in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after acquiring an additional 418,468 shares during the period. Bank of America Corp DE grew its position in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the period. Northern Trust Corp grew its position in D-Wave Quantum by 25.9% during the fourth quarter. Northern Trust Corp now owns 978,087 shares of the company's stock valued at $8,216,000 after acquiring an additional 201,091 shares during the period. Finally, Nuveen Asset Management LLC grew its position in D-Wave Quantum by 9.8% during the fourth quarter. Nuveen Asset Management LLC now owns 481,708 shares of the company's stock valued at $4,046,000 after acquiring an additional 43,159 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at D-Wave Quantum

In related news, Director Roger Biscay sold 15,675 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the transaction, the director now owns 203,147 shares of the company's stock, valued at approximately $3,368,177.26. This represents a 7.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the sale, the chief financial officer now owns 1,577,944 shares in the company, valued at $27,298,431.20. The trade was a 20.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,358,009 shares of company stock valued at $23,282,578. Insiders own 3.20% of the company's stock.

Analyst Ratings Changes

QBTS has been the subject of a number of research reports. Benchmark boosted their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Needham & Company LLC boosted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Finally, B. Riley upped their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Stock Down 4.8%

Shares of NYSE QBTS traded down $0.76 on Friday, hitting $15.12. The company had a trading volume of 41,450,097 shares, compared to its average volume of 46,033,567. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $19.77. The business has a 50 day moving average of $11.54 and a two-hundred day moving average of $8.27. The firm has a market capitalization of $4.42 billion, a P/E ratio of -36.00 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. On average, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

D-Wave Quantum Company 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.