Trexquant Investment LP Takes Position in D-Wave Quantum Inc. $QBTS

Key Points

• Trexquant Investment LP has purchased a new stake in D-Wave Quantum Inc. worth approximately $8.06 million, acquiring 1,061,115 shares in the first quarter.
• Insiders sold a significant amount of shares recently, including the CFO who sold 100,000 shares for about $1.8 million, resulting in a **6.03%** decrease in their ownership.
• D-Wave Quantum's recent earnings report indicated a quarterly revenue of $3.1 million, exceeding estimates, but the company reported a loss of **($0.08)** per share.

Trexquant Investment LP acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,061,115 shares of the company's stock, valued at approximately $8,064,000. Trexquant Investment LP owned 0.36% of D-Wave Quantum as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. FORA Capital LLC acquired a new stake in shares of D-Wave Quantum in the first quarter valued at $1,883,000. Corebridge Financial Inc. lifted its holdings in shares of D-Wave Quantum by 82.0% in the first quarter. Corebridge Financial Inc. now owns 89,482 shares of the company's stock valued at $680,000 after buying an additional 40,308 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of D-Wave Quantum by 81.3% in the first quarter. MetLife Investment Management LLC now owns 107,299 shares of the company's stock valued at $815,000 after buying an additional 48,100 shares during the period. Jump Financial LLC purchased a new stake in shares of D-Wave Quantum during the first quarter valued at $1,123,000. Finally, AlphaQuest LLC purchased a new stake in shares of D-Wave Quantum during the first quarter valued at $319,000. Institutional investors and hedge funds own 42.47% of the company's stock.

Insiders Place Their Bets

In other news, Director Roger Biscay sold 106,626 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the completion of the transaction, the director directly owned 14,260 shares of the company's stock, valued at $240,281. This represents a 88.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John D. Dilullo sold 15,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the sale, the director owned 44,295 shares in the company, valued at approximately $726,438. This represents a 25.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 378,787 shares of company stock valued at $6,389,513 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on QBTS shares. B. Riley upped their target price on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Cantor Fitzgerald started coverage on D-Wave Quantum in a report on Wednesday, July 2nd. They set an "overweight" rating and a $20.00 target price for the company. Canaccord Genuity Group started coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 target price for the company. Williams Trading set a $20.00 target price on D-Wave Quantum in a report on Wednesday, June 18th. Finally, Piper Sandler upped their target price on D-Wave Quantum from $13.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of "Buy" and a consensus price target of $19.27.

D-Wave Quantum Stock Performance

Shares of NYSE:QBTS traded up $0.16 during trading on Tuesday, hitting $15.78. 24,903,777 shares of the stock were exchanged, compared to its average volume of 65,803,641. The company's fifty day simple moving average is $16.63 and its 200-day simple moving average is $12.34. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of -15.03 and a beta of 1.40. D-Wave Quantum Inc. has a 1-year low of $0.80 and a 1-year high of $20.56.

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