New York State Common Retirement Fund Boosts Stock Position in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• The New York State Common Retirement Fund increased its shares in D-Wave Quantum Inc. by 243% in the 1st quarter, bringing its total holdings to 56,600 shares valued at approximately $430,000.
• Several institutional investors also entered the stock, with the Arizona State Retirement System acquiring a position worth about $522,000 during the same quarter.
• D-Wave Quantum reported a revenue of $15 million for the quarter, surpassing analysts' expectations of $10.5 million, and the stock has a current consensus rating of "Buy".

New York State Common Retirement Fund raised its position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 243.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,600 shares of the company's stock after purchasing an additional 40,100 shares during the quarter. New York State Common Retirement Fund's holdings in D-Wave Quantum were worth $430,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Arizona State Retirement System acquired a new position in shares of D-Wave Quantum in the 1st quarter valued at about $522,000. Caas Capital Management LP acquired a new position in shares of D-Wave Quantum in the 1st quarter valued at about $302,000. Xponance Inc. acquired a new position in shares of D-Wave Quantum in the 1st quarter valued at about $108,000. DMC Group LLC acquired a new position in shares of D-Wave Quantum in the 1st quarter valued at about $78,000. Finally, Bank Hapoalim BM acquired a new position in shares of D-Wave Quantum in the 1st quarter valued at about $76,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $18.86 on Friday. The business has a 50 day simple moving average of $16.62 and a two-hundred day simple moving average of $10.29. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $20.56. The stock has a market capitalization of $5.51 billion, a P/E ratio of -31.44 and a beta of 1.40. 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 announced its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. As a group, analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Williams Trading set a $20.00 price objective on D-Wave Quantum in a report on Wednesday, June 18th. B. Riley upped their price target on D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday. Canaccord Genuity Group initiated coverage on D-Wave Quantum in a report on Wednesday. They issued a "buy" rating and a $20.00 price target for the company. Cantor Fitzgerald initiated coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target for the company. Finally, Needham & Company LLC upped their price target on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $15.22.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director Roger Biscay sold 106,626 shares of the 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 completion of the transaction, the director owned 14,260 shares of the company's stock, valued at $240,281. This represents a 88.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the transaction, the chief executive officer directly owned 2,866,412 shares of the company's stock, valued at $48,729,004. The trade was a 22.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is owned by insiders.

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.

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