McGuire Investment Group LLC Purchases Shares of 27,693 D-Wave Quantum Inc. (NYSE:QBTS)

McGuire Investment Group LLC acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 27,693 shares of the company's stock, valued at approximately $210,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum in the fourth quarter worth $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the fourth quarter worth about $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum during the fourth quarter worth about $67,000. Summit Investment Advisors Inc. increased its holdings in 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 buying an additional 1,766 shares during the period. Finally, GAMMA Investing LLC increased its holdings in 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 buying an additional 10,330 shares during the period. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Price Performance

Shares of NYSE:QBTS traded up $1.18 during trading on Wednesday, hitting $16.00. 62,184,943 shares of the company were exchanged, compared to its average volume of 47,748,395. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $19.77. The company has a market capitalization of $4.68 billion, a P/E ratio of -26.67 and a beta of 1.41. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $13.54 and its 200-day moving average is $9.21.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. Equities analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In related news, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the transaction, the chief financial officer owned 1,577,944 shares in the company, valued at $27,298,431.20. This trade represents a 20.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director directly owned 14,260 shares in the company, valued at $240,281. The trade was a 88.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,636,796 shares of company stock valued at $27,872,091. Corporate insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

QBTS has been the subject of a number of recent analyst reports. Benchmark reaffirmed a "buy" rating and set a $20.00 price target (up previously from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Roth Mkm boosted their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Williams Trading set a $20.00 target price on D-Wave Quantum in a research note on Wednesday, June 18th. B. Riley reiterated a "buy" rating and issued a $20.00 price target (up previously from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Cantor Fitzgerald assumed coverage on D-Wave Quantum in a report on Wednesday. They set an "overweight" rating and a $20.00 price target for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of "Buy" and a consensus target price of $14.38.

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.