D-Wave Quantum Inc. $QBTS Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its holdings in D-Wave Quantum Inc. by 63.4%, acquiring an additional 619,894 shares, bringing its total ownership to approximately $12.15 million.
• Several institutional investors, including Vanguard Group and Bank of America Corp DE, also boosted their positions significantly, with Vanguard increasing theirs by 58.5% and Bank of America by 4,912.4%.
• Analysts have rated D-Wave Quantum stock as a "Buy", with a consensus target price of $19.27, following positive revenue growth despite a quarterly earnings miss.

Northern Trust Corp increased its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 63.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,597,981 shares of the company's stock after acquiring an additional 619,894 shares during the period. Northern Trust Corp owned approximately 0.55% of D-Wave Quantum worth $12,145,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 58.5% during the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the period. Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 80.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock valued at $38,518,000 after acquiring an additional 2,253,741 shares during the period. UNICOM Systems Inc. grew its position in shares of D-Wave Quantum by 91.9% during the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock valued at $35,171,000 after acquiring an additional 2,216,000 shares during the period. Bank of America Corp DE grew its position 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 acquiring an additional 2,497,263 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of D-Wave Quantum during the 1st quarter valued at about $6,883,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QBTS has been the topic of a number of analyst reports. 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. B. Riley raised their target price on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Williams Trading set a $20.00 price objective on D-Wave Quantum in a report on Wednesday, June 18th. Finally, Piper Sandler lifted their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Eleven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $19.27.

D-Wave Quantum Trading Down 0.2%

Shares of D-Wave Quantum stock opened at $15.27 on Friday. The stock has a market cap of $5.22 billion, a P/E ratio of -14.54 and a beta of 1.39. The stock's 50 day simple moving average is $16.70 and its 200-day simple moving average is $12.44. D-Wave Quantum Inc. has a 1-year low of $0.80 and a 1-year high of $20.56. 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 (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 40.9% on a year-over-year basis. Analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, Director Kirstjen Nielsen sold 58,644 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total transaction of $950,619.24. Following the sale, the director owned 132,673 shares of the company's stock, valued at approximately $2,150,629.33. The trade was a 30.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rohit Ghai sold 43,517 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total transaction of $731,085.60. Following the sale, the director directly owned 57,778 shares in the company, valued at approximately $970,670.40. The trade was a 42.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 378,787 shares of company stock worth $6,389,513. 3.20% of the stock is owned by company insiders.

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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