Thoroughbred Financial Services LLC Boosts Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

Thoroughbred Financial Services LLC lifted its position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 337.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,350 shares of the company's stock after acquiring an additional 101,350 shares during the quarter. Thoroughbred Financial Services LLC's holdings in D-Wave Quantum were worth $998,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after acquiring an additional 3,624,407 shares during the period. Penserra Capital Management LLC boosted its position in D-Wave Quantum by 80.1% during the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after purchasing an additional 2,253,741 shares during the period. UNICOM Systems Inc. increased its stake in shares of D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after purchasing an additional 2,216,000 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after buying an additional 418,468 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of D-Wave Quantum by 4,912.4% during the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after buying an additional 2,497,263 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Trading Down 1.9%

Shares of NYSE:QBTS traded down $0.33 during midday trading on Friday, hitting $16.84. 44,485,820 shares of the stock traded hands, compared to its average volume of 69,267,969. 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 business's 50 day moving average is $16.70 and its two-hundred day moving average is $11.03. The stock has a market capitalization of $4.92 billion, a PE ratio of -28.07 and a beta of 1.41. D-Wave Quantum Inc. has a one year low of $0.78 and a one year high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The business had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. The company's quarterly revenue was up 40.9% on a year-over-year basis. As a group, research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 845,813 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer directly owned 2,866,412 shares of the company's stock, valued at $48,729,004. This represents a 22.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total transaction of $731,085.60. Following the transaction, the director directly owned 57,778 shares of the company's stock, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 over the last quarter. 3.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Needham & Company LLC restated a "buy" rating on shares of D-Wave Quantum in a research report on Monday. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Piper Sandler raised their price objective on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday. Rosenblatt Securities began coverage on shares of D-Wave Quantum in a report on Tuesday, July 29th. They set a "buy" rating and a $30.00 target price on the stock. Finally, Benchmark reissued a "buy" rating and issued a $20.00 price target on shares of D-Wave Quantum in a report on Monday. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $17.92.

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.