FORA Capital LLC Invests $1.88 Million in D-Wave Quantum Inc. $QBTS

Key Points

• FORA Capital LLC acquired 247,707 shares of D-Wave Quantum Inc., valued at approximately $1,883,000, marking a new position for the fund in the first quarter.
• Several hedge funds have increased their stakes in D-Wave Quantum, with notable increases from IFP Advisors Inc. and Signaturefd LLC, contributing to 42.47% of the stock being owned by institutional investors.
• D-Wave Quantum reported quarterly earnings with a revenue increase of 40.9% year-over-year, though it missed EPS estimates, leading to a negative return on equity of 118.87% and a negative net margin of 1,263.92%.

FORA Capital LLC bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 247,707 shares of the company's stock, valued at approximately $1,883,000. FORA Capital LLC owned about 0.09% of D-Wave Quantum as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Corebridge Financial Inc. grew its position in D-Wave Quantum by 82.0% in the first quarter. Corebridge Financial Inc. now owns 89,482 shares of the company's stock valued at $680,000 after acquiring an additional 40,308 shares during the last quarter. MetLife Investment Management LLC grew its position in D-Wave Quantum by 81.3% in the first quarter. MetLife Investment Management LLC now owns 107,299 shares of the company's stock valued at $815,000 after acquiring an additional 48,100 shares during the last quarter. Jump Financial LLC bought a new position in D-Wave Quantum in the first quarter valued at about $1,123,000. AlphaQuest LLC bought a new position in D-Wave Quantum in the first quarter valued at about $319,000. Finally, GM Advisory Group LLC bought a new stake in shares of D-Wave Quantum during the first quarter worth about $114,000. Institutional investors own 42.47% of the company's stock.

D-Wave Quantum Trading Down 1.8%

Shares of D-Wave Quantum stock traded down $0.29 during midday trading on Friday, reaching $15.64. The company had a trading volume of 19,965,373 shares, compared to its average volume of 66,060,133. The stock has a fifty day moving average price of $16.62 and a 200 day moving average price of $12.12. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86. The firm has a market cap of $5.35 billion, a PE ratio of -14.89 and a beta of 1.41. D-Wave Quantum Inc. has a fifty-two week low of $0.80 and a fifty-two week high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The company had revenue of $3.10 million during 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 firm's quarterly revenue was up 40.9% compared to the same quarter last year. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 22,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $15.12, for a total value of $332,640.00. Following the transaction, the director directly owned 59,295 shares of the company's stock, valued at approximately $896,540.40. The trade was a 27.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the transaction, the director directly owned 14,260 shares in the company, valued at approximately $240,281. This trade represents a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 378,787 shares of company stock valued at $6,389,513. 3.20% of the stock is owned by insiders.

Analysts Set New Price Targets

QBTS has been the topic of several research reports. Piper Sandler boosted their price target on D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Wall Street Zen cut D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Canaccord Genuity Group initiated coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price target on the stock. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Finally, Williams Trading set a $20.00 price target on D-Wave Quantum in a report on Wednesday, June 18th. Eleven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $19.27.

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.