HighTower Advisors LLC Acquires New Stake in D-Wave Quantum Inc. $QBTS

Key Points

• HighTower Advisors LLC invested approximately $507,000 in D-Wave Quantum Inc. by acquiring 66,719 shares in the first quarter.
• Multiple institutional investors have increased their stakes in D-Wave Quantum, with 42.47% of the stock now held by institutional investors and hedge funds.
• Analysts have a consensus "buy" rating for D-Wave Quantum's stock, with a significant increase in price targets recently set, reflecting strong confidence in the company's performance.

HighTower Advisors LLC bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 66,719 shares of the company's stock, valued at approximately $507,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. Signaturefd LLC increased its holdings in shares of D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after acquiring an additional 2,971 shares in the last quarter. Amalgamated Bank increased its holdings in shares of D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after acquiring an additional 3,266 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of D-Wave Quantum by 231.0% during the first quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock valued at $50,000 after acquiring an additional 4,620 shares in the last quarter. Finally, KBC Group NV acquired a new position in shares of D-Wave Quantum during the first quarter valued at about $69,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

Insider Buying and Selling

In related news, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was 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 owned 14,260 shares of the company's stock, valued at approximately $240,281. This represents a 88.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 43,517 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the transaction, the director owned 57,778 shares in the company, valued at $970,670.40. This trade represents a 42.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 378,787 shares of company stock worth $6,389,513 in the last ninety days. 3.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on QBTS shares. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Rosenblatt Securities started coverage on shares of D-Wave Quantum in a report on Tuesday, July 29th. They set a "buy" rating and a $30.00 price objective on the stock. B. Riley upped their price objective on shares of D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Benchmark reiterated a "buy" rating and issued a $20.00 target price on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a report on Wednesday, June 18th. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, D-Wave Quantum presently has an average rating of "Buy" and an average target price of $19.27.

D-Wave Quantum Stock Down 1.8%

NYSE QBTS traded down $0.29 during mid-day trading on Friday, reaching $15.64. 19,965,373 shares of the stock were exchanged, compared to its average volume of 37,499,780. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The business's 50 day moving average is $16.62 and its 200-day moving average is $12.23. D-Wave Quantum Inc. has a 1 year low of $0.80 and a 1 year high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million during the quarter, compared to analyst estimates of $2.55 million. The company's quarterly revenue was up 40.9% compared to the same quarter last year. On average, equities analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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.