Fort Washington Investment Advisors Inc. OH Takes $754,000 Position in D-Wave Quantum Inc. $QBTS

Key Points

• Fort Washington Investment Advisors disclosed a new first-quarter position in D-Wave Quantum, buying 52,262 shares worth about $754,000.
• Other institutional investors have also been active in QBTS, and 42.47% of the stock is held by institutions, signaling notable professional interest in the company.
• Analysts remain broadly bullish: D-Wave Quantum has a Moderate Buy consensus rating with a consensus price target of $36.80, even as insiders have recently sold shares under pre-arranged trading plans.

Fort Washington Investment Advisors Inc. OH purchased a new position 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 SEC. The fund purchased 52,262 shares of the company's stock, valued at approximately $754,000.

A number of other institutional investors and hedge funds have also modified their holdings of QBTS. Root Financial Partners LLC grew its holdings in D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company's stock worth $26,000 after acquiring an additional 776 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its stake in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company's stock valued at $30,000 after purchasing an additional 838 shares during the period. Ancora Advisors LLC bought a new position in shares of D-Wave Quantum in the 3rd quarter worth $30,000. Finally, Mcguire Capital Advisors Inc. bought a new position in shares of D-Wave Quantum in the 4th quarter worth $31,000. 42.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

QBTS has been the subject of a number of recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and issued a $43.00 price objective on shares of D-Wave Quantum in a report on Thursday, June 11th. Needham & Company LLC restated a "buy" rating and set a $40.00 target price on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Northland Securities started coverage on D-Wave Quantum in a research report on Monday, April 20th. They set a "market perform" rating and a $22.00 target price for the company. Weiss Ratings upgraded D-Wave Quantum from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, June 23rd. Finally, Roth Mkm upped their price target on D-Wave Quantum from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, D-Wave Quantum has a consensus rating of "Moderate Buy" and a consensus price target of $36.80.

Insider Activity at D-Wave Quantum

In related news, Director John D. Dilullo sold 7,850 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares in the company, valued at approximately $520,603.30. The trade was a 26.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 23,025 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total value of $437,014.50. Following the sale, the vice president directly owned 596,803 shares of the company's stock, valued at approximately $11,327,320.94. The trade was a 3.71% 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. Insiders have sold a total of 1,363,842 shares of company stock valued at $35,802,656 over the last 90 days. Insiders own 1.30% of the company's stock.

D-Wave Quantum Price Performance

QBTS opened at $23.84 on Tuesday. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03. D-Wave Quantum Inc. has a 12 month low of $12.75 and a 12 month high of $46.75. The company has a fifty day simple moving average of $23.51 and a 200 day simple moving average of $22.21. The stock has a market cap of $8.82 billion, a P/E ratio of -21.10 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business had revenue of $2.86 million for the quarter, compared to the consensus estimate of $4.19 million. During the same quarter last year, the business posted ($0.02) EPS. The firm's revenue was down 80.9% compared to the same quarter last year. On average, research analysts expect that D-Wave Quantum Inc. will post -0.43 EPS for the current 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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