Sovereign Financial Group Inc. Makes New $224,000 Investment in D-Wave Quantum Inc. $QBTS

Key Points

• Sovereign Financial Group Inc. has made a new investment of $224,000 in D-Wave Quantum Inc., acquiring 15,300 shares during the second quarter.
• Institutional investors currently own 42.47% of D-Wave Quantum's stock, with notable increases from firms like Vontobel Holding Ltd. and Farther Finance Advisors LLC.
• D-Wave Quantum has recently reported a revenue increase of 40.9% year-over-year, though it missed earnings expectations, posting a loss of $0.08 per share compared to the consensus estimate of a loss of $0.05.

Sovereign Financial Group Inc. acquired a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,300 shares of the company's stock, valued at approximately $224,000.

Other large investors also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. raised its position in D-Wave Quantum by 786.8% during the first quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company's stock worth $842,000 after acquiring an additional 98,350 shares during the period. Farther Finance Advisors LLC raised its position in D-Wave Quantum by 491.3% during the second quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company's stock worth $239,000 after acquiring an additional 13,561 shares during the period. Kingswood Wealth Advisors LLC acquired a new position in D-Wave Quantum during the first quarter worth $167,000. Bouvel Investment Partners LLC acquired a new position in D-Wave Quantum during the second quarter worth $2,145,000. Finally, Voya Investment Management LLC raised its position in D-Wave Quantum by 69.3% during the first quarter. Voya Investment Management LLC now owns 48,924 shares of the company's stock worth $372,000 after acquiring an additional 20,022 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Down 5.8%

Shares of QBTS opened at $33.04 on Monday. The company has a current ratio of 42.99, a quick ratio of 42.86 and a debt-to-equity ratio of 0.05. D-Wave Quantum Inc. has a 12-month low of $0.88 and a 12-month high of $39.55. The firm has a 50-day moving average price of $20.91 and a 200 day moving average price of $15.78. The firm has a market capitalization of $11.30 billion, a P/E ratio of -31.47 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) 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 analysts' expectations of $2.55 million. D-Wave Quantum's quarterly revenue was up 40.9% compared to the same quarter last year. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In related news, Director John D. Dilullo sold 8,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the sale, the director owned 36,295 shares of the company's stock, valued at approximately $650,769.35. This represents a 18.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the completion of the sale, the director directly owned 47,778 shares of the company's stock, valued at $856,659.54. This represents a 17.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,000 shares of company stock valued at $2,937,740. 3.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Zacks Research cut shares of D-Wave Quantum from a "hold" rating to a "strong sell" rating in a research report on Monday, October 6th. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Piper Sandler increased their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, B. Riley increased their target price on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Eleven analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Moderate Buy" and an average target price of $20.27.

D-Wave Quantum Company Profile

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.

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