Kingsview Wealth Management LLC Grows Stock Position in D-Wave Quantum Inc. (NYSE:QBTS)

Kingsview Wealth Management LLC lifted its stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 144.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,449 shares of the company's stock after purchasing an additional 14,427 shares during the period. Kingsview Wealth Management LLC's holdings in D-Wave Quantum were worth $186,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of QBTS. Victory Capital Management Inc. increased its stake in D-Wave Quantum by 5.8% in the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock worth $236,000 after buying an additional 1,698 shares in the last quarter. Lauer Wealth LLC bought a new position in shares of D-Wave Quantum in the 1st quarter valued at about $147,000. Signaturefd LLC lifted its holdings in shares of D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after acquiring an additional 2,971 shares during the last quarter. UNICOM Systems Inc. lifted its holdings in shares of D-Wave Quantum by 91.9% in the 1st quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock valued at $35,171,000 after acquiring an additional 2,216,000 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of D-Wave Quantum by 243.0% in the 1st quarter. New York State Common Retirement Fund now owns 56,600 shares of the company's stock valued at $430,000 after acquiring an additional 40,100 shares during the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

Shares of QBTS stock traded down $0.90 during mid-day trading on Friday, hitting $18.86. 31,386,428 shares of the stock were exchanged, compared to its average volume of 71,276,180. The firm has a fifty day moving average of $16.49 and a 200 day moving average of $10.22. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $20.56. The company has a market cap of $5.51 billion, a PE ratio of -31.44 and a beta of 1.40.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Rohit Ghai sold 43,517 shares of the firm's 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 directly owned 57,778 shares of the company's stock, valued at $970,670.40. This trade represents a 42.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total transaction 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 $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,636,796 shares of company stock worth $27,872,091 in the last three months. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. B. Riley boosted their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a research note on Wednesday. They set a "buy" rating and a $20.00 price target for the company. Finally, Benchmark reaffirmed a "buy" rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $15.22.

D-Wave Quantum Profile

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.