D-Wave Quantum Inc. (NYSE:QBTS) Position Trimmed by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. lessened its holdings in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 41.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,325 shares of the company's stock after selling 78,108 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in D-Wave Quantum were worth $846,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in QBTS. Bank of New York Mellon Corp boosted its holdings in D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after purchasing an additional 63,799 shares during the period. Jones Financial Companies Lllp boosted its holdings in D-Wave Quantum by 341.7% in the fourth quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company's stock worth $199,000 after purchasing an additional 18,325 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in D-Wave Quantum by 38.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock worth $110,000 after purchasing an additional 3,660 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in D-Wave Quantum by 40.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock worth $2,699,000 after purchasing an additional 91,721 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in D-Wave Quantum by 55.1% in the fourth quarter. Victory Capital Management Inc. now owns 29,399 shares of the company's stock worth $247,000 after purchasing an additional 10,444 shares during the period. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Price Performance

D-Wave Quantum stock traded down $0.37 during midday trading on Thursday, hitting $16.03. The company's stock had a trading volume of 27,878,733 shares, compared to its average volume of 48,353,870. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The stock's 50-day moving average price is $14.64 and its 200-day moving average price is $9.57. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77. The company has a market capitalization of $4.68 billion, a PE ratio of -26.71 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director owned 14,260 shares in the company, valued at approximately $240,281. The trade was a 88.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer owned 1,577,944 shares of the company's stock, 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. In the last quarter, insiders have sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on QBTS. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Roth Mkm raised their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Williams Trading set a $20.00 target price on D-Wave Quantum in a research note on Wednesday, June 18th. Cantor Fitzgerald began coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 target price on the stock. Finally, Needham & Company LLC raised their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $14.38.

About D-Wave Quantum

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.