D-Wave Quantum Inc. $QBTS Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its D-Wave Quantum stake by 19.7% in the first quarter, selling 59,198 shares and retaining 240,749 shares. Institutional investors and hedge funds collectively own 42.47% of QBTS.
• Company insiders sold 1.36 million shares worth approximately $35.8 million over the past three months, including CEO Alan Baratz’s sale of 687,627 shares.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus and an average price target of $36.36, though D-Wave recently missed quarterly earnings and revenue estimates.

Royal Bank of Canada lessened its stake in shares of D-Wave Quantum Inc. (NASDAQ:QBTS - Free Report) by 19.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 240,749 shares of the company's stock after selling 59,198 shares during the quarter. Royal Bank of Canada owned 0.07% of D-Wave Quantum worth $3,474,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Baird Financial Group Inc. raised its stake in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after acquiring an additional 1,300 shares during the period. AQR Capital Management LLC boosted its position in shares of D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock worth $1,526,000 after purchasing an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company's stock worth $825,000 after purchasing an additional 52,437 shares during the period. NewEdge Advisors LLC increased its holdings in D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company's stock valued at $333,000 after purchasing an additional 24,382 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in D-Wave Quantum in the 1st quarter valued at approximately $3,013,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Wall Street Analyst Weigh In

QBTS has been the topic of a number of research reports. Wall Street Zen upgraded D-Wave Quantum from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $43.00 price objective on shares of D-Wave Quantum in a research note on Friday, August 7th. Wedbush began coverage on D-Wave Quantum in a report on Monday, August 3rd. They issued an "outperform" rating and a $40.00 price objective on the stock. Northland Securities began coverage on D-Wave Quantum in a report on Monday, April 20th. They issued a "market perform" rating and a $22.00 price objective on the stock. Finally, B. Riley Financial increased their target price on D-Wave Quantum from $36.00 to $40.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $36.36.

D-Wave Quantum Price Performance

Shares of QBTS opened at $21.17 on Friday. D-Wave Quantum Inc. has a fifty-two week low of $12.75 and a fifty-two week high of $46.75. The firm's 50 day moving average price is $21.04 and its 200 day moving average price is $20.37. The company has a market cap of $7.83 billion, a P/E ratio of -29.82 and a beta of 2.15. The company has a quick ratio of 21.31, a current ratio of 20.55 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.02). The business had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.D-Wave Quantum's quarterly revenue was down 0.6 compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. On average, research analysts forecast that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal 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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