Patriot Financial Group Insurance Agency LLC Has $672,000 Position in D-Wave Quantum Inc. (NYSE:QBTS)

Patriot Financial Group Insurance Agency LLC increased its position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 52.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,363 shares of the company's stock after acquiring an additional 30,263 shares during the quarter. Patriot Financial Group Insurance Agency LLC's holdings in D-Wave Quantum were worth $672,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QBTS. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum during the 4th quarter valued at $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum during the 4th quarter valued at $67,000. GAMMA Investing LLC raised its stake in shares of D-Wave Quantum by 4,019.5% in the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock valued at $80,000 after buying an additional 10,330 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $84,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Price Performance

QBTS traded down $0.76 during trading on Friday, reaching $15.12. The company had a trading volume of 41,450,097 shares, compared to its average volume of 45,858,127. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77. The company has a market cap of $4.42 billion, a P/E ratio of -36.00 and a beta of 1.49. The business's fifty day moving average price is $11.36 and its 200 day moving average price is $8.15.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The business had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. As a group, sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on QBTS. B. Riley increased their target price 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 raised their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Finally, Needham & Company LLC increased their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $10.17.

Insider Activity at D-Wave Quantum

In related news, CFO John M. Markovich sold 400,000 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was 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 $27,298,431.20. The trade was a 20.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Roger Biscay sold 96,521 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total value of $1,723,865.06. Following the completion of the transaction, the director now directly owns 106,626 shares of the company's stock, valued at approximately $1,904,340.36. This trade represents a 47.51% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,358,009 shares of company stock valued at $23,282,578. 7.22% of the stock is owned by corporate 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.