Goldman Sachs Group Inc. Has $92.78 Million Stock Position in D-Wave Quantum Inc. $QBTS

Key Points

• Goldman Sachs sharply increased its D-Wave Quantum stake by 311.6% in the fourth quarter, ending with 3.55 million shares valued at about $92.8 million.
• Several other institutional investors also boosted positions in QBTS, and overall institutional ownership now stands at 42.47% of the stock.
• Despite some analyst price-target cuts, Wall Street remains broadly positive on D-Wave Quantum, with 14 Buy ratings and an average target price of $36.40.

Goldman Sachs Group Inc. increased its position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 311.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,548,013 shares of the company's stock after purchasing an additional 2,685,980 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.96% of D-Wave Quantum worth $92,781,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in QBTS. Root Financial Partners LLC increased its position in D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company's stock worth $26,000 after purchasing an additional 776 shares during the period. EverSource Wealth Advisors LLC increased its position in D-Wave Quantum by 267.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company's stock worth $30,000 after purchasing an additional 838 shares during the period. Ancora Advisors LLC acquired a new stake in D-Wave Quantum in the third quarter worth about $30,000. Kelleher Financial Advisors acquired a new stake in D-Wave Quantum in the third quarter worth about $40,000. Finally, Valley National Advisers Inc. increased its position in D-Wave Quantum by 222.2% in the fourth quarter. Valley National Advisers Inc. now owns 1,595 shares of the company's stock worth $41,000 after purchasing an additional 1,100 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 328,752 shares of D-Wave Quantum stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $27.70, for a total transaction of $9,106,430.40. Following the transaction, the chief financial officer owned 1,442,820 shares in the company, valued at $39,966,114. The trade was a 18.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the transaction, the director owned 21,310 shares in the company, valued at $520,603.30. This trade represents a 26.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,311 shares of company stock valued at $10,255,860 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

D-Wave Quantum Price Performance

D-Wave Quantum stock opened at $23.53 on Wednesday. The firm has a market capitalization of $8.70 billion, a P/E ratio of -20.82 and a beta of 2.05. D-Wave Quantum Inc. has a 1 year low of $12.75 and a 1 year high of $46.75. The business has a 50-day moving average of $21.12 and a 200-day moving average of $22.22. The company has a current ratio of 21.41, a quick ratio of 21.31 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. The company had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The company's revenue for the quarter was down 80.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) EPS. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.43 EPS for the current year.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of research reports. Canaccord Genuity Group lowered their price objective on D-Wave Quantum from $43.00 to $41.00 and set a "buy" rating for the company in a research report on Wednesday, May 13th. Jefferies Financial Group reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Tuesday, May 12th. Northland Securities initiated coverage on D-Wave Quantum in a research report on Monday, April 20th. They issued a "market perform" rating and a $22.00 price objective for the company. Zacks Research upgraded D-Wave Quantum from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, Mizuho decreased their target price on D-Wave Quantum from $31.00 to $29.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $36.40.

Key Stories Impacting D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: B. Riley raised its price target on D-Wave Quantum to $40 from $36 and kept a Buy rating, reinforcing a constructive Wall Street view on the stock. B. Riley is Bullish on D-Wave Quantum Inc. (QBTS)
• Positive Sentiment: Multiple recent articles cite upside potential for QBTS, with analyst targets implying meaningful gains if the quantum computing sector attracts fresh capital. 2 Quantum Stocks With 45%+ Upside in June as OpenAI, SpaceX Eye IPO
• Neutral Sentiment: Recent board and insider filings appear largely routine, including a director sale that was made under a pre-arranged 10b5-1 plan and an article noting routine RSU grants. John Dilullo Sells 7,850 Shares of D-Wave Quantum NYSE: QBTS Stock
• Negative Sentiment: Investor sentiment toward QBTS has weakened today as money moved out of speculative growth stocks, putting pressure on the valuation despite no major operational setback in the news. D-Wave Quantum Plummeted Today -- Is the Stock a Buy Right Now?
• Negative Sentiment: One article argues that larger tech names like Intel and IBM are increasing quantum investments, which could make it harder for pure-play companies such as D-Wave to stand out. The Case for Intel Over Pure-Play Quantum Firms (QBTS)

About D-Wave Quantum

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.