D-Wave Quantum Inc. (NYSE:QBTS) Position Increased by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC increased its position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 161.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,548 shares of the company's stock after acquiring an additional 44,848 shares during the period. Flagship Harbor Advisors LLC's holdings in D-Wave Quantum were worth $551,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Rhumbline Advisers grew its position in D-Wave Quantum by 75.6% in the 4th quarter. Rhumbline Advisers now owns 133,405 shares of the company's stock worth $1,121,000 after purchasing an additional 57,438 shares during the last quarter. Truist Financial Corp acquired a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $108,000. Global Retirement Partners LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $169,000. Private Advisor Group LLC bought a new position in D-Wave Quantum in the 4th quarter worth approximately $628,000. Finally, Bank of New York Mellon Corp increased its position in D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock valued at $1,845,000 after acquiring an additional 63,799 shares during the period. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Stock Down 5.4%

NYSE QBTS opened at $14.16 on Thursday. The company has a market capitalization of $4.14 billion, a P/E ratio of -23.60 and a beta of 1.49. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The company's 50 day simple moving average is $12.89 and its 200 day simple moving average is $8.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data 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. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The business had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. Equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on QBTS shares. B. Riley reiterated a "buy" rating and set a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Needham & Company LLC increased their target price on shares of 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 Capital reissued a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Finally, Benchmark reiterated a "buy" rating and issued a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $13.57.

Insiders Place Their Bets

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the transaction, the chief executive officer now directly owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Roger Biscay sold 15,675 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the sale, the director now owns 203,147 shares of the company's stock, valued at $3,368,177.26. The trade was a 7.16% 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. Company insiders own 3.20% of the company's stock.

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.

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