K2 Principal Fund L.P. Invests $182,000 in D-Wave Quantum Inc. $QBTS

Key Points

• K2 Principal Fund L.P. purchased a new position in D-Wave Quantum Inc. during Q1, acquiring 24,000 shares valued at approximately $182,000.
• D-Wave Quantum reported a loss of $0.08 EPS for the quarter, missing analysts' estimates, but its revenue increased 40.9% year-over-year, reaching $3.10 million.
• Analysts have set a consensus rating of "Buy" for D-Wave Quantum, with an average target price of $19.27 and some reports indicating targets as high as $26.00.

K2 Principal Fund L.P. bought a new position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 24,000 shares of the company's stock, valued at approximately $182,000.

Several other large investors also recently added to or reduced their stakes in the business. Banque Transatlantique SA bought a new stake in D-Wave Quantum in the first quarter worth approximately $57,000. AQR Capital Management LLC increased its holdings in D-Wave Quantum by 201.0% in the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company's stock valued at $1,526,000 after buying an additional 134,066 shares during the period. Royal Bank of Canada grew its holdings in shares of D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company's stock worth $1,231,000 after purchasing an additional 60,668 shares during the last quarter. Twin Tree Management LP grew its holdings in shares of D-Wave Quantum by 473.9% in the 1st quarter. Twin Tree Management LP now owns 7,834 shares of the company's stock worth $60,000 after purchasing an additional 6,469 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock worth $92,000 after acquiring an additional 1,300 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of research reports. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Canaccord Genuity Group started coverage on shares of D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price on the stock. Benchmark reiterated a "buy" rating and issued a $20.00 price objective on shares of D-Wave Quantum in a report on Monday, August 4th. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a "buy" rating and a $26.00 target price for the company. Finally, Cantor Fitzgerald began coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $19.27.

D-Wave Quantum Trading Up 0.2%

Shares of D-Wave Quantum stock traded up $0.03 on Monday, hitting $15.40. The stock had a trading volume of 22,678,538 shares, compared to its average volume of 64,966,039. The stock has a 50 day moving average of $16.72 and a 200 day moving average of $12.58. D-Wave Quantum Inc. has a twelve month low of $0.80 and a twelve month high of $20.56. 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 firm has a market capitalization of $5.27 billion, a P/E ratio of -14.66 and a beta of 1.39.

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

Insider Buying and Selling

In other D-Wave Quantum news, Director John D. Dilullo sold 22,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $15.12, for a total transaction of $332,640.00. Following the completion of the sale, the director owned 59,295 shares of the company's stock, valued at approximately $896,540.40. This represents a 27.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kirstjen Nielsen sold 58,644 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.21, for a total transaction of $950,619.24. Following the sale, the director directly owned 132,673 shares of the company's stock, valued at $2,150,629.33. This represents a 30.65% 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 valued at $6,389,513 over the last three months. 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.