Penserra Capital Management LLC Grows Position in D-Wave Quantum Inc. (NYSE:QBTS)

Penserra Capital Management LLC boosted its holdings in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 80.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,068,199 shares of the company's stock after buying an additional 2,253,741 shares during the quarter. Penserra Capital Management LLC owned 1.74% of D-Wave Quantum worth $38,518,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $26,000. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $38,000. Amalgamated Bank increased its position in shares of D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company's stock valued at $48,000 after purchasing an additional 3,266 shares during the last quarter. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum during the 4th quarter valued at approximately $67,000. Finally, KBC Group NV bought a new position in shares of D-Wave Quantum during the 1st quarter valued at approximately $69,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Trading Up 1.9%

Shares of NYSE:QBTS traded up $0.31 on Wednesday, hitting $16.30. 38,891,367 shares of the company's stock were exchanged, compared to its average volume of 48,262,041. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of -27.17 and a beta of 1.40. The business's 50 day simple moving average is $14.45 and its two-hundred day simple moving average is $9.52. 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, topping analysts' consensus estimates of ($0.05) by $0.03. The business had revenue of $15.00 million during 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%. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, CEO Alan E. Baratz sold 845,813 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the transaction, the chief executive officer owned 2,866,412 shares in the company, valued at $48,729,004. This represents a 22.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 400,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the sale, the chief financial officer owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of recent research reports. B. Riley reiterated a "buy" rating and set a $20.00 price objective (up from $13.00) on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Williams Trading set a $20.00 price objective on D-Wave Quantum in a research note on Wednesday, June 18th. Roth Mkm boosted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Cantor Fitzgerald initiated coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective for the company. Finally, Benchmark restated a "buy" rating and issued a $20.00 price target (up from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.38.

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.