Wealth Enhancement Advisory Services LLC Has $464,000 Stock Holdings in D-Wave Quantum Inc. $QBTS

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in D-Wave Quantum Inc. by 108.2%, owning 31,715 shares valued at $464,000 as of the latest filing.
• Notably, several institutional investors also boosted their holdings in D-Wave Quantum significantly, with Vanguard Group growing its stake by 58.5%, now holding 11,285,043 shares worth approximately $85.8 million.
• Despite mixed analyst ratings, the consensus forecast for D-Wave Quantum indicates an average rating of "Moderate Buy" with a price target around $20.27, illustrating potential growth expectations.

Wealth Enhancement Advisory Services LLC lifted its stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 108.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,715 shares of the company's stock after acquiring an additional 16,481 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in D-Wave Quantum were worth $464,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company's stock worth $85,766,000 after acquiring an additional 4,166,721 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 80.1% in the first quarter. Penserra Capital Management LLC now owns 5,068,199 shares of the company's stock worth $38,518,000 after acquiring an additional 2,253,741 shares during the last quarter. UNICOM Systems Inc. grew its stake in shares of D-Wave Quantum by 91.9% in the first quarter. UNICOM Systems Inc. now owns 4,627,704 shares of the company's stock worth $35,171,000 after acquiring an additional 2,216,000 shares during the last quarter. Northern Trust Corp grew its stake in shares of D-Wave Quantum by 63.4% in the first quarter. Northern Trust Corp now owns 1,597,981 shares of the company's stock worth $12,145,000 after acquiring an additional 619,894 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of D-Wave Quantum in the first quarter worth $8,064,000. Institutional investors and hedge funds own 42.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on QBTS shares. Wall Street Zen downgraded shares of D-Wave Quantum from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price target on the stock. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of D-Wave Quantum in a research note on Saturday, September 27th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.27.

Insider Buying and Selling

In related news, Director John D. Dilullo sold 8,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the transaction, the director owned 36,295 shares in the company, valued at $650,769.35. This represents a 18.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,000 shares of company stock worth $2,937,740 in the last 90 days. Corporate insiders own 3.20% of the company's stock.

D-Wave Quantum Stock Up 12.0%

Shares of NYSE QBTS opened at $32.72 on Monday. The firm's 50-day simple moving average is $19.18 and its 200 day simple moving average is $14.87. The company has a market cap of $11.19 billion, a price-to-earnings ratio of -31.16 and a beta of 1.49. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. D-Wave Quantum Inc. has a 12-month low of $0.87 and a 12-month high of $33.28.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million for the quarter, compared to analyst estimates of $2.55 million. D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The company's revenue for the quarter was up 40.9% on a year-over-year basis. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share 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.

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