Verity Asset Management Inc. Makes New $251,000 Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Verity Asset Management Inc. purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 33,092 shares of the company's stock, valued at approximately $251,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock valued at $59,794,000 after buying an additional 3,624,407 shares during the last quarter. Bank of America Corp DE raised its holdings in D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company's stock valued at $21,404,000 after acquiring an additional 2,497,263 shares during the last quarter. Geode Capital Management LLC raised its holdings in D-Wave Quantum by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock valued at $24,992,000 after acquiring an additional 418,468 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth $2,087,000. Finally, Voloridge Investment Management LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth $2,063,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Roger Biscay sold 106,626 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $16.85, for a total transaction of $1,796,648.10. Following the sale, the director owned 14,260 shares in the company, valued at $240,281. This represents a 88.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kirstjen Nielsen sold 58,644 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.21, for a total transaction of $950,619.24. Following the completion of the transaction, the director directly owned 132,673 shares in the company, valued at $2,150,629.33. This represents a 30.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,636,796 shares of company stock worth $27,872,091. Company insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Benchmark reaffirmed a "buy" rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research note on Tuesday, June 17th. Roth Capital restated a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Needham & Company LLC raised their price target on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, B. Riley reaffirmed a "buy" rating and set a $20.00 price target (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of "Buy" and an average price target of $14.38.

D-Wave Quantum Trading Up 8.0%

NYSE:QBTS traded up $1.18 during mid-day trading on Wednesday, reaching $16.00. The stock had a trading volume of 62,448,420 shares, compared to its average volume of 47,934,760. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $19.77. The stock's 50 day simple moving average is $13.54 and its two-hundred day simple moving average is $9.21.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. D-Wave Quantum had a negative return on equity of 227.95% and a negative net margin of 617.84%. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

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.