Modus Advisors LLC bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 17,400 shares of the company's stock, valued at approximately $132,000.
Other institutional investors have also made changes to their positions in the company. 111 Capital acquired a new position in D-Wave Quantum in the 4th quarter valued at about $123,000. Ameriflex Group Inc. acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $205,000. Fourth Dimension Wealth LLC bought a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $26,000. Voloridge Investment Management LLC bought a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $2,063,000. Finally, Squarepoint Ops LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $1,989,000. 42.47% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Roth Mkm increased 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 raised their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Benchmark lifted their price objective on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Needham & Company LLC boosted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $10.17.
Read Our Latest Analysis on QBTS
D-Wave Quantum Stock Up 0.6%
Shares of QBTS traded up $0.09 during trading hours on Friday, hitting $16.36. 68,572,232 shares of the company were exchanged, compared to its average volume of 43,445,221. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $19.77. The company has a market cap of $4.77 billion, a price-to-earnings ratio of -38.95 and a beta of 0.90. The firm's fifty day moving average is $9.44 and its 200 day moving average is $7.10.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.
Insider Transactions at D-Wave Quantum
In other news, CFO John M. Markovich sold 400,000 shares of the stock in a transaction dated 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 now owns 1,577,944 shares of the company's stock, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, 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 approximately $48,729,004. The trade was a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,358,009 shares of company stock valued at $23,282,578. Company insiders own 7.22% of the company's stock.
About D-Wave Quantum
(
Free Report)
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.
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