Flynn Zito Capital Management LLC Lowers Stake in D-Wave Quantum Inc. $QBTS

Key Points

• Flynn Zito Capital Management cut its D-Wave Quantum stake by 71.1% in the fourth quarter, selling 98,600 shares and ending with 40,000 shares worth about $1.05 million.
• Despite mixed analyst sentiment, D-Wave Quantum still has a Moderate Buy consensus rating, with 14 Buy ratings and an average price target of $34.67.
• The company recently reported a smaller-than-expected loss of ($0.05) per share, but revenue of $2.86 million missed estimates and fell 80.9% year over year.

Flynn Zito Capital Management LLC reduced its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 71.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,000 shares of the company's stock after selling 98,600 shares during the quarter. Flynn Zito Capital Management LLC's holdings in D-Wave Quantum were worth $1,046,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Csenge Advisory Group boosted its stake in shares of D-Wave Quantum by 2.9% during the fourth quarter. Csenge Advisory Group now owns 36,924 shares of the company's stock valued at $966,000 after purchasing an additional 1,038 shares during the period. Capstone Capital Management Ltd purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $204,000. ProShare Advisors LLC boosted its stake in shares of D-Wave Quantum by 15.1% during the fourth quarter. ProShare Advisors LLC now owns 61,841 shares of the company's stock valued at $1,617,000 after purchasing an additional 8,124 shares during the period. HighTower Advisors LLC increased its stake in shares of D-Wave Quantum by 11.4% during the fourth quarter. HighTower Advisors LLC now owns 171,079 shares of the company's stock valued at $4,474,000 after buying an additional 17,547 shares during the period. Finally, Tucker Asset Management LLC bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $47,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

QBTS has been the subject of several recent research reports. Wall Street Zen downgraded D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, February 7th. Needham & Company LLC restated a "buy" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Northland Securities initiated coverage on D-Wave Quantum in a report on Monday, April 20th. They issued a "market perform" rating and a $22.00 price objective for the company. Weiss Ratings downgraded D-Wave Quantum from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $34.67.

D-Wave Quantum Stock Performance

Shares of D-Wave Quantum stock opened at $19.01 on Tuesday. The company has a market capitalization of $7.03 billion, a PE ratio of -16.82 and a beta of 1.95. 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 simple moving average of $18.06 and a two-hundred day simple moving average of $22.47. D-Wave Quantum Inc. has a one year low of $11.89 and a one year high of $46.75.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.03. The business had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The firm's revenue was down 80.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) earnings per share. Research analysts expect that D-Wave Quantum Inc. will post -0.44 EPS for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $17.62, for a total value of $176,200.00. Following the completion of the transaction, the director directly owned 27,778 shares in the company, valued at approximately $489,448.36. The trade was a 26.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sophie C. Ames sold 3,070 shares of the business's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $21.35, for a total transaction of $65,544.50. Following the completion of the transaction, the vice president owned 643,678 shares of the company's stock, valued at $13,742,525.30. This represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 31,776 shares of company stock valued at $574,571. Company insiders own 3.20% of the company's stock.

D-Wave Quantum 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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