Corebridge Financial Inc. Boosts Stock Holdings in D-Wave Quantum Inc. $QBTS

Key Points

• Corebridge Financial Inc. significantly increased its stake in D-Wave Quantum Inc. by 82.0% in Q1, owning 89,482 shares valued at approximately $680,000.
• D-Wave Quantum reported $3.10 million in quarterly revenue, exceeding estimates, but posted a loss of ($0.08) per share, falling short of analysts' expectations.
• Several hedge funds have increased their holdings in D-Wave Quantum, with institutional investors now holding 42.47% of the company's shares.

Corebridge Financial Inc. boosted its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 82.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 89,482 shares of the company's stock after acquiring an additional 40,308 shares during the period. Corebridge Financial Inc.'s holdings in D-Wave Quantum were worth $680,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum during the fourth quarter valued at $26,000. Russell Investments Group Ltd. grew its stake in D-Wave Quantum by 133.9% during the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after acquiring an additional 3,165 shares in the last quarter. Signaturefd LLC grew its stake in D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after acquiring an additional 2,971 shares in the last quarter. Amalgamated Bank grew its stake in D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after acquiring an additional 3,266 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in D-Wave Quantum by 231.0% during the first quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock valued at $50,000 after acquiring an additional 4,620 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at D-Wave Quantum

In related news, Director Roger Biscay sold 106,626 shares of D-Wave Quantum stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the completion of the sale, the director owned 14,260 shares in the company, valued at $240,281. This trade represents a 88.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the sale, the chief financial officer owned 1,558,753 shares of the company's stock, valued at $28,057,554. The trade was a 6.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 378,787 shares of company stock worth $6,389,513 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

QBTS has been the subject of several research analyst reports. Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price for the company. Piper Sandler increased 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, August 8th. Wall Street Zen lowered shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Benchmark reiterated a "buy" rating and set a $20.00 price objective on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Stifel Nicolaus initiated coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 price objective for the company. Eleven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $19.27.

D-Wave Quantum Trading Down 0.7%

Shares of D-Wave Quantum stock traded down $0.12 during trading on Wednesday, hitting $16.04. The stock had a trading volume of 29,089,742 shares, compared to its average volume of 29,857,830. The firm's fifty day simple moving average is $16.76 and its 200-day simple moving average is $12.69. The stock has a market cap of $5.48 billion, a PE ratio of -15.27 and a beta of 1.39. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. D-Wave Quantum Inc. has a 12 month low of $0.87 and a 12 month high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The firm 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 118.87% and a negative net margin of 1,263.92%.The business's revenue was up 40.9% on a year-over-year basis. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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.