The Manufacturers Life Insurance Company Buys New Shares in D-Wave Quantum Inc. (NYSE:QBTS)

The Manufacturers Life Insurance Company purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 33,238 shares of the company's stock, valued at approximately $279,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after purchasing an additional 3,624,407 shares during the period. Geode Capital Management LLC grew its position in D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after purchasing an additional 418,468 shares during the period. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth about $20,258,000. Charles Schwab Investment Management Inc. boosted its stake in shares of D-Wave Quantum by 40.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock worth $2,699,000 after acquiring an additional 91,721 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth about $2,087,000. 42.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on QBTS. 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. 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 note on Friday, March 14th. Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Finally, Benchmark increased their target price on shares of D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $10.17.

D-Wave Quantum Trading Up 11.6%

Shares of D-Wave Quantum stock opened at $12.31 on Monday. The firm has a market capitalization of $3.59 billion, a PE ratio of -29.31 and a beta of 0.90. D-Wave Quantum Inc. has a twelve month low of $0.75 and a twelve month high of $12.66. The firm's 50-day moving average price is $8.00 and its 200 day moving average price is $6.19.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analysts' expectations of $10.50 million. On average, sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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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