Oppenheimer & Co. Inc. Sells 43,529 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Oppenheimer & Co. Inc. cut its holdings in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 34.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,771 shares of the company's stock after selling 43,529 shares during the period. Oppenheimer & Co. Inc.'s holdings in D-Wave Quantum were worth $629,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after purchasing an additional 63,799 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of D-Wave Quantum by 1,097.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company's stock worth $1,916,000 after purchasing an additional 209,000 shares in the last quarter. Truist Financial Corp purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth $108,000. Finally, JPMorgan Chase & Co. increased its stake in shares of D-Wave Quantum by 20.6% in the fourth quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company's stock worth $393,000 after purchasing an additional 8,001 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Roth Mkm increased their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $20.00 target price (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. B. Riley reaffirmed a "buy" rating and set a $20.00 target price (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Cantor Fitzgerald started coverage on shares of D-Wave Quantum in a research note on Wednesday. They set an "overweight" rating and a $20.00 target price for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $14.38.

D-Wave Quantum Stock Performance

Shares of NYSE:QBTS traded up $0.65 on Friday, reaching $16.63. The company's stock had a trading volume of 29,876,920 shares, compared to its average volume of 48,043,095. The company has a 50-day simple moving average of $13.90 and a 200 day simple moving average of $9.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $19.77.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released 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. The company had revenue of $15.00 million during 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%. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the transaction, the chief executive officer owned 2,866,412 shares in the company, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kirstjen Nielsen sold 58,644 shares of D-Wave Quantum stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.21, for a total value of $950,619.24. Following the completion of the transaction, the director owned 132,673 shares of the company's stock, valued at approximately $2,150,629.33. This represents a 30.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,636,796 shares of company stock valued at $27,872,091 in the last quarter. 3.20% of the stock is currently owned by insiders.

D-Wave Quantum 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.