Independent Advisor Alliance Buys Shares of 32,498 D-Wave Quantum Inc. $QBTS

Key Points

• Independent Advisor Alliance has acquired 32,498 shares of D-Wave Quantum Inc. for approximately $247,000, indicating institutional interest in the company.
• Multiple analysts have issued buy ratings for QBTS, with price targets ranging from $20.00 to $30.00, reflecting optimism about its future performance.
• D-Wave Quantum reported a revenue of $3.10 million for the last quarter, surpassing expectations, although it still posted a loss of ($0.08) earnings per share.

Independent Advisor Alliance purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 32,498 shares of the company's stock, valued at approximately $247,000.

Other institutional investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of D-Wave Quantum in the 1st quarter valued at $4,562,000. Entropy Technologies LP bought a new position in shares of D-Wave Quantum in the first quarter valued at about $157,000. Invesco Ltd. increased its stake in shares of D-Wave Quantum by 123.2% in the 1st quarter. Invesco Ltd. now owns 95,121 shares of the company's stock valued at $723,000 after buying an additional 52,502 shares during the period. Wolverine Asset Management LLC raised its holdings in D-Wave Quantum by 7.7% during the 1st quarter. Wolverine Asset Management LLC now owns 67,033 shares of the company's stock worth $509,000 after purchasing an additional 4,782 shares during the last quarter. Finally, Savvy Advisors Inc. raised its holdings in D-Wave Quantum by 14.7% during the 1st quarter. Savvy Advisors Inc. now owns 38,965 shares of the company's stock worth $296,000 after purchasing an additional 5,008 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company's stock.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 2,866,412 shares in the company, valued at $48,729,004. This trade represents a 22.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roger Biscay sold 106,626 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total value of $1,796,648.10. Following the transaction, the director owned 14,260 shares in the company, valued at approximately $240,281. This trade represents a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,736,796 shares of company stock worth $29,672,091 over the last quarter. Corporate insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

QBTS has been the subject of a number of recent analyst reports. Benchmark reaffirmed a "buy" rating and issued a $20.00 price target on shares of D-Wave Quantum in a research note on Monday, August 4th. B. Riley increased their target price on D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Stifel Nicolaus started coverage on D-Wave Quantum in a research note on Tuesday, August 5th. They set a "buy" rating and a $26.00 target price for the company. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Canaccord Genuity Group initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

D-Wave Quantum Trading Down 2.7%

Shares of D-Wave Quantum stock traded down $0.47 on Monday, hitting $16.55. The stock had a trading volume of 22,715,547 shares, compared to its average volume of 68,232,531. The firm has a market capitalization of $5.66 billion, a P/E ratio of -15.77 and a beta of 1.41. The stock has a 50 day moving average of $16.75 and a 200 day moving average of $11.60. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. D-Wave Quantum Inc. has a twelve month low of $0.80 and a twelve month high of $20.56.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). The business had revenue of $3.10 million for the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%. The business's revenue for the quarter was up 40.9% on a year-over-year basis. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal 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.