SeaCrest Wealth Management LLC Buys Shares of 16,529 D-Wave Quantum Inc. $QBTS

Key Points

• SeaCrest Wealth Management LLC purchased 16,529 shares of D-Wave Quantum Inc. for approximately $242,000, as reported in their latest SEC filing.
• Insider trading activity saw Director John D. Dilullo sell 8,000 shares and Rohit Ghai sell 10,000 shares on September 15th, representing notable decreases in their ownership stakes.
• D-Wave Quantum reported a quarterly revenue increase of 40.9% year-over-year, reaching $3.10 million, although it recorded a net loss of -$0.08 per share.

SeaCrest Wealth Management LLC bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 16,529 shares of the company's stock, valued at approximately $242,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of D-Wave Quantum by 108.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 31,715 shares of the company's stock valued at $464,000 after buying an additional 16,481 shares in the last quarter. Capital Advisory Group Advisory Services LLC increased its position in shares of D-Wave Quantum by 3.0% in the second quarter. Capital Advisory Group Advisory Services LLC now owns 22,167 shares of the company's stock valued at $325,000 after buying an additional 646 shares in the last quarter. Baader Bank Aktiengesellschaft increased its position in shares of D-Wave Quantum by 12.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 43,759 shares of the company's stock valued at $641,000 after buying an additional 4,677 shares in the last quarter. Focus Financial Network Inc. increased its position in shares of D-Wave Quantum by 13.5% in the second quarter. Focus Financial Network Inc. now owns 32,395 shares of the company's stock valued at $474,000 after buying an additional 3,855 shares in the last quarter. Finally, Reyes Financial Architecture Inc. purchased a new position in shares of D-Wave Quantum in the second quarter valued at $29,000. Institutional investors and hedge funds own 42.47% of the company's stock.

Insider Activity

In other news, Director John D. Dilullo sold 8,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the sale, the director directly owned 36,295 shares in the company, valued at approximately $650,769.35. The trade was a 18.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director owned 47,778 shares of the company's stock, valued at $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 168,000 shares of company stock worth $2,937,740. 3.20% of the stock is currently owned by insiders.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $25.65 on Tuesday. The business's 50 day moving average is $17.59 and its two-hundred day moving average is $13.67. D-Wave Quantum Inc. has a 52-week low of $0.87 and a 52-week high of $27.33. The firm has a market cap of $8.77 billion, a price-to-earnings ratio of -24.42 and a beta of 1.40. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The firm had revenue of $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. The company's revenue for the quarter was up 40.9% on a year-over-year basis. Analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on QBTS. Williams Trading set a $20.00 price target on D-Wave Quantum in a research report on Wednesday, June 18th. Needham & Company LLC restated a "buy" rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Piper Sandler lifted their price objective on D-Wave Quantum from $13.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Roth Capital reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Finally, Cantor Fitzgerald initiated coverage on D-Wave Quantum in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and a consensus target price of $20.27.

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.

Want to see what other hedge funds are holding QBTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for D-Wave Quantum Inc. (NYSE:QBTS - Free Report).

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.