Foundations Investment Advisors LLC Acquires New Position in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• Foundations Investment Advisors LLC has acquired a new stake in D-Wave Quantum Inc., purchasing 370,392 shares valued at approximately $2.8 million, representing 0.13% ownership of the company.
• Insider trading activity includes significant sales by Director Roger Biscay and CFO John M. Markovich, with Biscay offloading 106,626 shares and Markovich selling 400,000 shares, reducing their holdings substantially.
• Several research firms have increased their price targets for D-Wave Quantum, with B. Riley setting a new target of $22.00 and a majority of analysts assigning a "buy" rating to the stock.

Foundations Investment Advisors LLC acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 370,392 shares of the company's stock, valued at approximately $2,815,000. Foundations Investment Advisors LLC owned 0.13% of D-Wave Quantum at the end of the most recent quarter.

Several other large investors also recently modified their holdings of QBTS. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum during the 4th quarter worth $26,000. Signaturefd LLC lifted its holdings in D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after buying an additional 2,971 shares in the last quarter. Amalgamated Bank lifted its holdings in D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after buying an additional 3,266 shares in the last quarter. IFP Advisors Inc lifted its holdings in D-Wave Quantum by 231.0% during the 1st quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock worth $50,000 after buying an additional 4,620 shares in the last quarter. Finally, KBC Group NV acquired a new position in D-Wave Quantum during the 1st quarter worth $69,000. 42.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

QBTS has been the topic of several research reports. Needham & Company LLC upped their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Cantor Fitzgerald initiated coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective on the stock. Benchmark reaffirmed a "buy" rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Williams Trading set a $20.00 price target on D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Canaccord Genuity Group initiated coverage on D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $16.70.

D-Wave Quantum Stock Performance

QBTS stock traded down $0.66 during mid-day trading on Wednesday, hitting $17.01. 35,863,956 shares of the company were exchanged, compared to its average volume of 43,845,900. The business has a 50 day simple moving average of $16.78 and a 200-day simple moving average of $10.53. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $4.97 billion, a PE ratio of -28.35 and a beta of 1.40. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. On average, equities analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the transaction, the director directly owned 44,295 shares of the company's stock, valued at $726,438. This trade represents a 25.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,577,944 shares in the company, valued at $27,298,431.20. This trade represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock valued at $27,872,091 in the last quarter. Corporate insiders own 3.20% of the company's stock.

About D-Wave Quantum

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.