Xponance Inc. Makes New Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Xponance Inc. bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 14,246 shares of the company's stock, valued at approximately $108,000.

A number of other hedge funds also recently bought and sold shares of QBTS. Bank of New York Mellon Corp grew its stake in shares of D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after acquiring an additional 63,799 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in D-Wave Quantum by 40.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock valued at $2,699,000 after purchasing an additional 91,721 shares during the period. Victory Capital Management Inc. grew its position in D-Wave Quantum by 55.1% in the 4th quarter. Victory Capital Management Inc. now owns 29,399 shares of the company's stock worth $247,000 after purchasing an additional 10,444 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $2,087,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $38,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Price Performance

D-Wave Quantum stock traded down $0.59 during mid-day trading on Thursday, hitting $19.71. 49,876,185 shares of the company were exchanged, compared to its average volume of 46,252,180. The company has a market capitalization of $5.76 billion, a PE ratio of -32.85 and a beta of 1.40. The business has a fifty day moving average of $16.49 and a 200 day moving average of $10.22. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $20.56. 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 (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The business had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Roth Capital reissued a "buy" rating on shares of D-Wave Quantum in a report on Friday, June 13th. B. Riley boosted their price objective on D-Wave Quantum from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday. Benchmark reaffirmed a "buy" rating and issued a $20.00 target price (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Finally, Cantor Fitzgerald began 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. Nine research 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 $15.22.

Insider Activity

In related news, CFO John M. Markovich sold 400,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total transaction of $6,920,000.00. Following the sale, the chief financial officer directly owned 1,577,944 shares in the company, valued at $27,298,431.20. This represents a 20.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John D. Dilullo sold 15,000 shares of D-Wave Quantum stock in a transaction on Monday, June 16th. The shares were sold at an average price of $16.40, for a total value of $246,000.00. Following the completion of the transaction, the director owned 44,295 shares of the company's stock, valued at approximately $726,438. The trade was a 25.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,636,796 shares of company stock valued at $27,872,091. Corporate insiders own 3.20% of the company's stock.

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.