Focus Financial Network Inc. bought a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 28,540 shares of the company's stock, valued at approximately $217,000.
Several other institutional investors have also recently added to or reduced their stakes in QBTS. Vanguard Group Inc. increased its stake in D-Wave Quantum by 103.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the last quarter. Bank of America Corp DE increased its stake in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after purchasing an additional 2,497,263 shares during the last quarter. Geode Capital Management LLC increased its stake in D-Wave Quantum by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after purchasing an additional 418,468 shares during the last quarter. Raymond James Financial Inc. bought a new stake in D-Wave Quantum during the fourth quarter valued at $2,087,000. Finally, Voloridge Investment Management LLC bought a new stake in D-Wave Quantum during the fourth quarter valued at $2,063,000. Institutional investors own 42.47% of the company's stock.
D-Wave Quantum Trading Down 4.8%
NYSE QBTS traded down $0.76 during trading on Friday, reaching $15.12. The company's stock had a trading volume of 41,450,097 shares, compared to its average volume of 46,033,567. The stock has a market capitalization of $4.42 billion, a PE ratio of -36.00 and a beta of 1.49. The business has a 50-day moving average price of $11.54 and a 200-day moving average price of $8.27. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $19.77.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.
Insider Buying and Selling at D-Wave Quantum
In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at $48,729,004. The trade was a 22.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roger Biscay sold 15,675 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total transaction of $259,891.50. Following the completion of the sale, the director now directly owns 203,147 shares in the company, valued at approximately $3,368,177.26. The trade was a 7.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock valued at $23,282,578 in the last 90 days. 3.20% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on QBTS shares. Needham & Company LLC upped their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. B. Riley upped their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Benchmark raised their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and an average target price of $10.17.
Read Our Latest Stock Report on D-Wave Quantum
D-Wave Quantum Company Profile
(
Free Report)
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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