Osaic Holdings Inc. Purchases 137,549 Shares of D-Wave Quantum Inc. $QBTS

Key Points

• Osaic Holdings increased its stake in D-Wave (NYSE:QBTS) by 125.7% in Q2, buying 137,549 shares to own 247,004 shares (about 0.07% of the company) valued at $3.616 million.
• Analysts are broadly positive with a consensus rating of “Moderate Buy” (14 Buys, 1 Hold, 1 Sell) and a consensus target price of $33.67, alongside recent upgrades including Canaccord to $41 and Evercore to $44.
• There has been heavy insider selling recently: the CEO sold 806,288 shares and the CFO sold 200,000, with insiders selling 2,342,087 shares (~$66.1M) over the last 90 days, leaving insiders owning 3.2% of the stock.

Osaic Holdings Inc. raised its position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 125.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 247,004 shares of the company's stock after purchasing an additional 137,549 shares during the period. Osaic Holdings Inc. owned 0.07% of D-Wave Quantum worth $3,616,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Reyes Financial Architecture Inc. purchased a new stake in shares of D-Wave Quantum in the second quarter worth $29,000. Atlantic Union Bankshares Corp purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $29,000. Parallel Advisors LLC boosted its position in shares of D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company's stock valued at $32,000 after acquiring an additional 1,532 shares during the last quarter. Gables Capital Management Inc. purchased a new position in shares of D-Wave Quantum during the second quarter worth about $37,000. Finally, Huntington National Bank purchased a new position in shares of D-Wave Quantum during the second quarter worth about $41,000. Institutional investors own 42.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on QBTS. Canaccord Genuity Group boosted their price target on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, November 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of D-Wave Quantum in a research note on Monday. Roth Capital set a $40.00 price target on D-Wave Quantum in a research report on Thursday, November 6th. Evercore ISI began coverage on D-Wave Quantum in a report on Wednesday, December 3rd. They issued an "outperform" rating and a $44.00 price objective for the company. Finally, Wall Street Zen lowered D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, December 20th. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.67.

D-Wave Quantum Stock Down 4.7%

Shares of NYSE:QBTS opened at $27.75 on Friday. The stock has a market capitalization of $9.71 billion, a P/E ratio of -20.55 and a beta of 1.57. The stock's 50-day moving average price is $27.60 and its 200-day moving average price is $22.61. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. D-Wave Quantum Inc. has a 12-month low of $3.74 and a 12-month high of $46.75.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The company had revenue of $3.74 million during the quarter, compared to analysts' expectations of $3.03 million. The firm's quarterly revenue was up 105.6% compared to the same quarter last year. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 806,288 shares of the business's stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total value of $23,277,534.56. Following the transaction, the chief executive officer owned 2,801,265 shares in the company, valued at approximately $80,872,520.55. The trade was a 22.35% 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, CFO John M. Markovich sold 200,000 shares of the company's stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the transaction, the chief financial officer directly owned 1,482,874 shares of the company's stock, valued at approximately $34,017,129.56. This trade represents a 11.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 2,342,087 shares of company stock worth $66,073,024. Insiders own 3.20% of the company's stock.

About D-Wave Quantum

D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.