D-Wave Quantum Inc. (NYSE:QBTS) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers grew its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 81.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 242,515 shares of the company's stock after acquiring an additional 109,110 shares during the quarter. Rhumbline Advisers owned about 0.08% of D-Wave Quantum worth $1,843,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at approximately $38,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at $67,000. GAMMA Investing LLC boosted its holdings in D-Wave Quantum by 4,019.5% in the first quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock valued at $80,000 after purchasing an additional 10,330 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its position in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares during the period. 42.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. 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 research note on Friday, March 14th. B. Riley boosted their target price on shares of D-Wave Quantum from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Wednesday. Benchmark raised their price target on shares of D-Wave Quantum from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC increased their target price on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a research note on Friday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has a consensus rating of "Buy" and an average target price of $12.50.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director Kirstjen Nielsen sold 13,000 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $16.04, for a total value of $208,520.00. Following the completion of the transaction, the director now owns 119,673 shares of the company's stock, valued at $1,919,554.92. This trade represents a 9.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John D. Dilullo sold 22,000 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $15.12, for a total value of $332,640.00. Following the transaction, the director now directly owns 59,295 shares of the company's stock, valued at approximately $896,540.40. This represents a 27.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,636,796 shares of company stock worth $27,872,091 in the last ninety days. Insiders own 3.20% of the company's stock.

D-Wave Quantum Price Performance

QBTS traded up $0.19 during midday trading on Wednesday, hitting $15.74. 52,470,305 shares of the company traded hands, compared to its average volume of 76,566,797. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -26.23 and a beta of 1.49. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $19.76. The business has a 50 day simple moving average of $11.90 and a two-hundred day simple moving average of $8.45. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts' expectations 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 forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

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.