Voloridge Investment Management LLC Makes New $2.06 Million Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Voloridge Investment Management LLC acquired a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 245,636 shares of the company's stock, valued at approximately $2,063,000. Voloridge Investment Management LLC owned 0.09% of D-Wave Quantum at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 3,624,407 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 worth $24,992,000 after purchasing an additional 418,468 shares during the period. Bank of America Corp DE lifted its stake in shares of 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 purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth about $20,258,000. Finally, Northern Trust Corp increased its position in D-Wave Quantum by 25.9% during the 4th quarter. Northern Trust Corp now owns 978,087 shares of the company's stock worth $8,216,000 after purchasing an additional 201,091 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 845,813 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 2,866,412 shares of the company's stock, valued at approximately $48,729,004. This represents a 22.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Roger Biscay sold 96,521 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total value of $1,723,865.06. Following the sale, the director now owns 106,626 shares of the company's stock, valued at approximately $1,904,340.36. This trade represents a 47.51% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,358,009 shares of company stock valued at $23,282,578. 7.22% of the stock is currently owned by insiders.

Analysts Set New Price Targets

QBTS has been the topic of several research reports. Benchmark raised their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a report on Monday, May 12th. B. Riley raised their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Needham & Company LLC lifted their target price 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, Roth Mkm increased their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus price target of $10.17.

D-Wave Quantum Stock Up 0.6%

Shares of QBTS traded up $0.09 during mid-day trading on Friday, reaching $16.36. 68,572,232 shares of the stock traded hands, compared to its average volume of 43,610,026. The stock has a fifty day simple moving average of $9.59 and a 200 day simple moving average of $7.28. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $19.77. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of -38.95 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (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 analysts' expectations of $10.50 million. On average, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal 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.