Verity Asset Management Inc. Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

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

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company's stock worth $59,794,000 after buying an additional 3,624,407 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of D-Wave Quantum by 4,912.4% during 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 grew its stake in shares of D-Wave Quantum by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company's stock worth $24,992,000 after acquiring an additional 418,468 shares during the period. Raymond James Financial Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $2,087,000. Finally, Voloridge Investment Management LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $2,063,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Stock Performance

D-Wave Quantum stock traded up $0.65 during trading on Friday, reaching $16.63. The company had a trading volume of 29,876,920 shares, compared to its average volume of 48,043,095. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -27.72 and a beta of 1.40. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The firm's 50-day simple moving average is $13.90 and its 200 day simple moving average is $9.32. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $19.77.

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

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the sale, the chief executive officer owned 2,866,412 shares in the company, valued at approximately $48,729,004. This represents a 22.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Markovich sold 400,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $17.30, for a total value of $6,920,000.00. Following the sale, the chief financial officer directly owned 1,577,944 shares in the company, valued at approximately $27,298,431.20. This represents a 20.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on QBTS shares. B. Riley reaffirmed a "buy" rating and issued a $20.00 target price (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Cantor Fitzgerald began coverage on D-Wave Quantum in a research note on Wednesday. They issued an "overweight" rating and a $20.00 price target on the stock. Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. Finally, Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum has a consensus rating of "Buy" and a consensus price target of $14.38.

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.