Caitong International Asset Management Co. Ltd Buys 129,382 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• Caitong International Asset Management Co. Ltd increased its stake in D-Wave Quantum Inc. by an astonishing 32,025.2% in the first quarter, acquiring over 129,000 shares and making it the fund's 17th largest position.
• D-Wave Quantum reported a quarterly revenue of $3.10 million, surpassing analysts' estimates, but posted a loss of ($0.08) EPS, missing expectations by $0.03.
• The stock has seen significant insider selling, with executives offloading over 1.6 million shares valued at nearly $28 million in the past 90 days.

Caitong International Asset Management Co. Ltd lifted its position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 32,025.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,786 shares of the company's stock after purchasing an additional 129,382 shares during the quarter. D-Wave Quantum comprises about 0.7% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 17th biggest position. Caitong International Asset Management Co. Ltd's holdings in D-Wave Quantum were worth $986,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in D-Wave Quantum by 5.8% during the first quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock worth $236,000 after acquiring an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after acquiring an additional 1,766 shares during the last quarter. Invesco Ltd. increased its stake in D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares during the last quarter. XTX Topco Ltd increased its stake in D-Wave Quantum by 3.4% during the first quarter. XTX Topco Ltd now owns 65,799 shares of the company's stock worth $500,000 after acquiring an additional 2,159 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in D-Wave Quantum by 9.0% during the first quarter. Blair William & Co. IL now owns 30,438 shares of the company's stock worth $231,000 after acquiring an additional 2,503 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective on the stock. Needham & Company LLC reissued a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Canaccord Genuity Group assumed coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price for the company. Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th. Finally, Benchmark restated a "buy" rating and set a $20.00 target price on shares of D-Wave Quantum in a research report on Monday, August 4th. One analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, D-Wave Quantum has an average rating of "Moderate Buy" and an average price target of $19.27.

D-Wave Quantum Trading Up 0.6%

Shares of NYSE QBTS traded up $0.12 during trading hours on Wednesday, reaching $18.63. The stock had a trading volume of 52,067,253 shares, compared to its average volume of 49,588,164. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of -17.74 and a beta of 1.41. The business's fifty day moving average price is $16.75 and its two-hundred day moving average price is $11.36. D-Wave Quantum Inc. has a 52-week low of $0.80 and a 52-week high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The firm had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The company's revenue for the quarter was up 40.9% compared to the same quarter last year. Analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John D. Dilullo sold 15,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the sale, the director owned 44,295 shares of the company's stock, valued at approximately $726,438. This represents a 25.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,636,796 shares of company stock valued at $27,872,091 in the last ninety days. Corporate insiders own 3.20% of the company's stock.

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.