Headlands Technologies LLC Makes New $6.88 Million Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• Headlands Technologies LLC has acquired 905,684 shares of D-Wave Quantum Inc., valued at approximately $6.88 million, representing 0.8% of its total holdings.
• Several institutional investors have increased their stakes in D-Wave Quantum, with notable increases from Signaturefd LLC and IFP Advisors Inc during the first quarter.
• Despite posting a negative earnings per share of ($0.02), D-Wave Quantum exceeded revenue expectations for the quarter with $15 million, leading to a consensus "buy" rating from analysts.

Headlands Technologies LLC bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 905,684 shares of the company's stock, valued at approximately $6,883,000. D-Wave Quantum makes up 0.8% of Headlands Technologies LLC's investment portfolio, making the stock its 24th largest position. Headlands Technologies LLC owned approximately 0.31% of D-Wave Quantum at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of QBTS. Vontobel Holding Ltd. lifted its holdings in D-Wave Quantum by 786.8% in the first quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company's stock valued at $842,000 after buying an additional 98,350 shares during the period. Vanguard Group Inc. grew its position in shares of D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares during the period. JPMorgan Chase & Co. increased its stake in shares of D-Wave Quantum by 20.6% in the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock valued at $393,000 after acquiring an additional 8,001 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $111,000. Finally, Kingswood Wealth Advisors LLC acquired a new stake in shares of D-Wave Quantum in the 1st quarter valued at approximately $167,000. 42.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target for the company. Stifel Nicolaus began coverage on D-Wave Quantum in a report on Tuesday. They set a "buy" rating and a $26.00 price objective for the company. Canaccord Genuity Group began coverage on D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 target price on the stock. Benchmark reaffirmed a "buy" rating and set a $20.00 price target on shares of D-Wave Quantum in a research note on Monday. Finally, B. Riley boosted their price objective on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and a consensus target price of $17.92.

D-Wave Quantum Stock Performance

Shares of D-Wave Quantum stock traded down $0.33 during trading hours on Friday, reaching $16.84. 44,485,820 shares of the stock traded hands, compared to its average volume of 47,287,608. The company has a 50 day moving average price of $16.71 and a 200 day moving average price of $11.11. D-Wave Quantum Inc. has a one year low of $0.78 and a one year high of $20.56. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of -16.04 and a beta of 1.41.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 333.68% and a negative net margin of 1,263.92%. The company had revenue of $3.10 million during the quarter, compared to analysts' expectations of $2.55 million. The business's revenue for the quarter was up 40.9% compared to the same quarter last year. On average, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the completion of the sale, the director directly owned 57,778 shares of the company's stock, valued at $970,670.40. The trade was a 42.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 2,866,412 shares in the company, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,636,796 shares of company stock worth $27,872,091. 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.