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

Kingswood Wealth Advisors LLC purchased a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 21,976 shares of the company's stock, valued at approximately $167,000.

A number of other hedge funds have also modified their holdings of the stock. Fourth Dimension Wealth LLC bought a new position in D-Wave Quantum during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum during the 4th quarter worth $38,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum during the 4th quarter valued at $67,000. GAMMA Investing LLC lifted its stake in shares of D-Wave Quantum by 4,019.5% in the 1st 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 during the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in shares of D-Wave Quantum by 20.6% in the 4th 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 during the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Kirstjen Nielsen sold 13,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.04, for a total transaction of $208,520.00. Following the sale, the director now owns 119,673 shares of the company's stock, valued at approximately $1,919,554.92. This trade represents a 9.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John D. Dilullo sold 22,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $15.12, for a total value of $332,640.00. Following the completion of the transaction, the director now owns 59,295 shares of the company's stock, valued at $896,540.40. The trade was a 27.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is owned by company insiders.

D-Wave Quantum Stock Performance

Shares of NYSE QBTS traded down $0.03 during trading hours on Friday, hitting $14.04. 62,583,744 shares of the company's stock were exchanged, compared to its average volume of 47,225,020. The company's 50-day moving average price is $13.04 and its 200-day moving average price is $8.97. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $19.77. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of -23.39 and a beta of 1.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61.

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on QBTS shares. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Benchmark restated a "buy" rating and issued a $20.00 target price (up from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th. Finally, B. Riley reissued a "buy" rating and issued a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $13.57.

D-Wave Quantum Company 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.