MetLife Investment Management LLC Purchases 48,100 Shares of D-Wave Quantum Inc. $QBTS

Key Points

• MetLife Investment Management LLC increased its stake in D-Wave Quantum Inc. by 81.3% in the first quarter, bringing its total holdings to 107,299 shares valued at approximately $815,000.
• Several other institutional investors also raised their positions in the company, with Vanguard Group Inc. boosting its holdings by 58.5%, now owning over 11 million shares worth about $85.8 million.
• Analysts have a consensus rating of "Buy" for D-Wave Quantum, with an average price target of $19.27, and eleven research analysts have rated the stock as a "Buy".

MetLife Investment Management LLC grew its stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 81.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,299 shares of the company's stock after purchasing an additional 48,100 shares during the period. MetLife Investment Management LLC's holdings in D-Wave Quantum were worth $815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum in the fourth quarter valued at $26,000. Russell Investments Group Ltd. grew its position in shares of D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after buying an additional 3,165 shares during the last quarter. Signaturefd LLC increased its stake in shares of D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock valued at $44,000 after buying an additional 2,971 shares during the period. Amalgamated Bank raised its position in shares of D-Wave Quantum by 107.8% during the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after acquiring an additional 3,266 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of D-Wave Quantum by 231.0% in the first quarter. IFP Advisors Inc now owns 6,620 shares of the company's stock worth $50,000 after acquiring an additional 4,620 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

QBTS has been the topic of a number of research reports. Rosenblatt Securities began coverage on shares of D-Wave Quantum in a research report on Tuesday, July 29th. They set a "buy" rating and a $30.00 target price on the stock. B. Riley increased their price target on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 target price on the stock. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Williams Trading set a $20.00 target price on D-Wave Quantum in a research note on Wednesday, June 18th. Eleven research analysts have rated the stock with a Buy rating, According to MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and an average price target of $19.27.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 58,644 shares of the stock in a transaction on Thursday, June 12th. The stock was 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 in the company, valued at approximately $2,150,629.33. This trade represents a 30.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Roger Biscay sold 106,626 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the transaction, 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 quarter, insiders have sold 378,787 shares of company stock valued at $6,389,513. 3.20% of the stock is currently owned by insiders.

D-Wave Quantum Trading Down 0.7%

QBTS stock traded down $0.12 during midday trading on Wednesday, hitting $16.04. The company had a trading volume of 29,089,742 shares, compared to its average volume of 29,857,830. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of -15.27 and a beta of 1.39. D-Wave Quantum Inc. has a 52 week low of $0.87 and a 52 week high of $20.56. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. The stock's 50 day moving average price is $16.76 and its 200 day moving average price is $12.69.

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