Oppenheimer & Co. Inc. Has $629,000 Stock Position in D-Wave Quantum Inc. (NYSE:QBTS)

Oppenheimer & Co. Inc. cut its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 34.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of QBTS. Flagship Harbor Advisors LLC boosted its stake in shares of D-Wave Quantum by 161.9% in the 1st quarter. Flagship Harbor Advisors LLC now owns 72,548 shares of the company's stock valued at $551,000 after purchasing an additional 44,848 shares in the last quarter. Aspire Capital Advisors LLC acquired a new stake in D-Wave Quantum in the first quarter valued at approximately $98,000. Advisor Resource Council bought a new stake in shares of D-Wave Quantum during the first quarter worth $100,000. Kingswood Wealth Advisors LLC acquired a new position in shares of D-Wave Quantum during the first quarter worth $167,000. Finally, Sowell Financial Services LLC bought a new position in shares of D-Wave Quantum in the 1st quarter valued at $96,000. Institutional investors and hedge funds own 42.47% of the company's stock.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction 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 completion of the sale, the chief executive officer owned 2,866,412 shares of the company's stock, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Roger Biscay sold 106,626 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director owned 14,260 shares of the company's stock, valued at $240,281. This trade represents a 88.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 in the last quarter. Company insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on QBTS shares. Roth Mkm upped their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Roth Capital reaffirmed a "buy" rating on shares of D-Wave Quantum in a research note on Friday, June 13th. Needham & Company LLC raised 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. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a report on Wednesday, June 18th. Finally, Benchmark reiterated a "buy" rating and issued a $20.00 target price (up from $14.00) on shares of D-Wave Quantum in a report on Tuesday, June 17th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $13.57.

D-Wave Quantum Price Performance

D-Wave Quantum stock opened at $14.73 on Tuesday. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of -24.55 and a beta of 1.48. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $19.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. The stock's 50 day moving average price is $13.36 and its two-hundred day moving average price is $9.17.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.