D-Wave Quantum Inc. $QBTS Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its D-Wave Quantum stake by 10.5% in the first quarter, adding 368,486 shares for a total of 3.89 million shares valued at approximately $56.1 million. Institutional investors and hedge funds collectively own 42.47% of the company.
• Insiders have been net sellers, including CEO Alan E. Baratz, who sold 687,627 shares for nearly $18.0 million, and director John D. Dilullo, who sold 7,850 shares. Insiders sold 1.36 million shares worth $35.8 million over the past 90 days.
• Analysts remain generally bullish, with a consensus “Moderate Buy” rating and an average price target of $36.36 versus a recent share price of $20.23. However, D-Wave’s latest quarterly results missed expectations, reporting a $0.10 loss per share and $3.08 million in revenue.

Bank of America Corp DE grew its stake in D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) by 10.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,886,036 shares of the company's stock after acquiring an additional 368,486 shares during the quarter. Bank of America Corp DE owned about 1.05% of D-Wave Quantum worth $56,075,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Root Financial Partners LLC lifted its holdings in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company's stock valued at $26,000 after purchasing an additional 776 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of D-Wave Quantum by 545.5% during the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company's stock worth $26,000 after purchasing an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $28,000. PeakShares LLC purchased a new stake in shares of D-Wave Quantum during the first quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company's stock valued at $30,000 after buying an additional 838 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

Insiders Place Their Bets

In other news, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the transaction, the director directly owned 21,310 shares of the company's stock, valued at $520,603.30. The trade was a 26.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the sale, the chief executive officer owned 3,299,771 shares of the company's stock, valued at $86,223,016.23. The trade was a 17.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,363,842 shares of company stock worth $35,789,148. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wedbush assumed coverage on shares of D-Wave Quantum in a research note on Monday, August 3rd. They set an "outperform" rating and a $40.00 price objective on the stock. Roth Capital reiterated a "buy" rating and issued a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Benchmark assumed coverage on D-Wave Quantum in a research note on Monday, July 27th. They set a "buy" rating and a $30.00 price target on the stock. B. Riley Financial raised their price objective on D-Wave Quantum from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Canaccord Genuity Group set a $35.00 price objective on D-Wave Quantum in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, D-Wave Quantum has a consensus rating of "Moderate Buy" and an average target price of $36.36.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $20.23 on Wednesday. D-Wave Quantum Inc. has a one year low of $12.75 and a one year high of $46.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The company has a 50 day moving average price of $21.37 and a 200 day moving average price of $20.44. The firm has a market capitalization of $7.48 billion, a price-to-earnings ratio of -28.49 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.02). The company had revenue of $3.08 million for the quarter, compared to analysts' expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 28.19% and a negative net margin of 2,001.59%.The business's revenue for the quarter was down 0.6 on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) EPS. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

D-Wave Quantum Company Profile

D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

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