Focus Partners Wealth Takes $193,000 Position in D-Wave Quantum Inc. (NYSE:QBTS)

Focus Partners Wealth acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,025 shares of the company's stock, valued at approximately $193,000.

Several other institutional investors have also modified their holdings of QBTS. Barclays PLC lifted its holdings in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after buying an additional 89,894 shares during the period. Arkadios Wealth Advisors purchased a new stake in D-Wave Quantum in the 4th quarter worth about $162,000. Traynor Capital Management Inc. purchased a new stake in D-Wave Quantum in the 4th quarter worth about $219,000. Veracity Capital LLC acquired a new position in D-Wave Quantum in the 4th quarter worth about $228,000. Finally, Flagship Harbor Advisors LLC acquired a new position in D-Wave Quantum in the 4th quarter worth about $233,000. Institutional investors and hedge funds own 42.47% of the company's stock.

Insider Activity

In other news, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the transaction, the chief executive officer now directly owns 2,866,412 shares in the company, valued at $48,729,004. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the transaction, the chief financial officer now owns 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,358,009 shares of company stock valued at $23,282,578. Company insiders own 7.22% of the company's stock.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $18.76 on Friday. The stock has a fifty day moving average of $8.76 and a 200-day moving average of $6.66. The stock has a market capitalization of $5.46 billion, a P/E ratio of -44.65 and a beta of 0.90. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week 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 firm had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. Equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on QBTS. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC raised their price objective on 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 raised their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Finally, Benchmark raised their target price on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of "Buy" and an average price target of $10.17.

D-Wave Quantum Profile

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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