Triton Wealth Management PLLC Invests $479,000 in D-Wave Quantum Inc. $QBTS

Key Points

• Triton Wealth Management PLLC has invested approximately $479,000 in D-Wave Quantum Inc. by acquiring 32,740 shares during the second quarter.
• Institutional investors currently own 42.47% of D-Wave Quantum's stock, indicating significant institutional interest in the company.
• D-Wave Quantum has received mixed analyst ratings, with an average target price of $20.27 and recent downgrades from firms like Zacks Research.

Triton Wealth Management PLLC bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,740 shares of the company's stock, valued at approximately $479,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in QBTS. GAMMA Investing LLC grew its position in D-Wave Quantum by 4,019.5% during the first quarter. GAMMA Investing LLC now owns 10,587 shares of the company's stock worth $80,000 after buying an additional 10,330 shares during the period. Rhumbline Advisers grew its position in D-Wave Quantum by 81.8% during the first quarter. Rhumbline Advisers now owns 242,515 shares of the company's stock worth $1,843,000 after buying an additional 109,110 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in D-Wave Quantum during the first quarter worth about $116,000. Sowell Financial Services LLC acquired a new position in D-Wave Quantum during the first quarter worth about $96,000. Finally, Kingswood Wealth Advisors LLC acquired a new position in D-Wave Quantum during the first quarter worth about $167,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

QBTS has been the topic of several recent analyst reports. Stifel Nicolaus initiated coverage on shares of D-Wave Quantum in a research report on Tuesday, August 5th. They set a "buy" rating and a $26.00 target price on the stock. B. Riley upped their price target on shares of D-Wave Quantum from $22.00 to $33.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Cantor Fitzgerald assumed coverage on shares of D-Wave Quantum in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $20.00 price target on the stock. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, Zacks Research downgraded shares of D-Wave Quantum from a "hold" rating to a "strong sell" rating in a report on Monday, October 6th. Eleven analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.27.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 50,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $16.30, for a total transaction of $815,000.00. Following the completion of the sale, the chief financial officer directly owned 1,599,511 shares of the company's stock, valued at approximately $26,072,029.30. This trade represents a 3.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John D. Dilullo sold 8,000 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director directly owned 36,295 shares of the company's stock, valued at approximately $650,769.35. The trade was a 18.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,000 shares of company stock worth $2,937,740. 3.20% of the stock is owned by insiders.

D-Wave Quantum Stock Up 5.9%

Shares of NYSE QBTS opened at $43.02 on Wednesday. D-Wave Quantum Inc. has a 1 year low of $0.98 and a 1 year high of $45.30. The firm's 50 day moving average price is $21.88 and its 200 day moving average price is $16.20. The firm has a market cap of $14.71 billion, a P/E ratio of -40.97 and a beta of 1.49. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results 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 return on equity of 118.87% and a negative net margin of 1,263.92%.The firm had revenue of $3.10 million for the quarter, compared to analyst estimates of $2.55 million. The business's quarterly revenue was up 40.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

D-Wave Quantum 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.

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.