Kingswood Wealth Advisors LLC Buys New Position in D-Wave Quantum Inc. (NYSE:QBTS)

Kingswood Wealth Advisors LLC acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,976 shares of the company's stock, valued at approximately $167,000.

Several other large investors have also bought and sold shares of the business. Fourth Dimension Wealth LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $67,000. GAMMA Investing LLC boosted its stake in shares of D-Wave Quantum by 4,019.5% during the first quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock valued at $80,000 after purchasing an additional 10,330 shares in the last quarter. Finally, Summit Investment Advisors Inc. boosted its stake in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

QBTS has been the topic of a number of recent research reports. Needham & Company LLC lifted their price target on D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Williams Trading set a $20.00 price target on D-Wave Quantum in a research note on Wednesday, June 18th. Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. B. Riley restated a "buy" rating and set a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and a consensus target price of $13.57.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 845,813 shares of the business'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 sale, the chief executive officer now owns 2,866,412 shares in the company, valued at $48,729,004. The trade was a 22.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Roger Biscay sold 96,521 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total value of $1,723,865.06. Following the sale, the director now owns 106,626 shares of the company's stock, valued at approximately $1,904,340.36. This represents a 47.51% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,636,796 shares of company stock worth $27,872,091. 3.20% of the stock is owned by corporate insiders.

D-Wave Quantum Trading Up 0.2%

QBTS stock traded up $0.03 during mid-day trading on Tuesday, reaching $14.97. The company's stock had a trading volume of 33,258,311 shares, compared to its average volume of 46,912,665. The company has a market cap of $4.37 billion, a price-to-earnings ratio of -24.94 and a beta of 1.49. The business's 50 day moving average price is $12.73 and its 200 day moving average price is $8.87. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The business had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. On average, equities research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS 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.