Yarbrough Capital LLC Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Yarbrough Capital LLC acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 121,060 shares of the company's stock, valued at approximately $920,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 3,624,407 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of D-Wave Quantum by 4,912.4% in the fourth 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 in the fourth quarter valued at $20,258,000. Geode Capital Management LLC lifted its holdings 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 valued at $24,992,000 after purchasing an additional 418,468 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at $2,087,000. Institutional investors and hedge funds own 42.47% of the company's stock.

D-Wave Quantum Trading Up 13.4%

Shares of NYSE:QBTS opened at $18.67 on Friday. D-Wave Quantum Inc. has a 1 year low of $0.75 and a 1 year high of $19.77. The business has a fifty day simple moving average of $10.56 and a 200 day simple moving average of $7.79. The firm has a market cap of $5.46 billion, a price-to-earnings ratio of -44.45 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly earnings data 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, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on QBTS. B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark increased their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Finally, Needham & Company LLC increased their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and an average target price of $10.17.

Insiders Place Their Bets

In other D-Wave Quantum news, Director Roger Biscay sold 96,521 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the transaction, the director now directly owns 106,626 shares of the company's stock, valued at $1,904,340.36. This represents a 47.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $14,378,821.00. Following the transaction, the chief executive officer now directly owns 2,866,412 shares in the company, valued at $48,729,004. The trade was a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock valued at $23,282,578 over the last three months. 7.22% of the stock is currently owned by insiders.

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.

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