Zurcher Kantonalbank Zurich Cantonalbank Has $760,000 Stake in D-Wave Quantum Inc. (NYSE:QBTS)

Key Points

• Zurcher Kantonalbank significantly increased its stake in D-Wave Quantum by 698.7% in the 1st quarter, holding nearly 100,000 shares valued at approximately $760,000.
• CEO Alan E. Baratz sold 845,813 shares valued at over $14 million, resulting in a 22.78% decrease in his ownership position.
• D-Wave Quantum's stock saw a trading decline of 4.1%, reaching $17.56, amidst a backdrop of positive earnings results exceeding analyst expectations.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 698.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 99,949 shares of the company's stock after purchasing an additional 87,435 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in D-Wave Quantum were worth $760,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Marietta Investment Partners LLC purchased a new position in D-Wave Quantum in the first quarter valued at about $521,000. KLP Kapitalforvaltning AS acquired a new stake in shares of D-Wave Quantum in the first quarter valued at about $353,000. Choreo LLC purchased a new stake in shares of D-Wave Quantum during the 1st quarter valued at about $127,000. Flynn Zito Capital Management LLC purchased a new stake in shares of D-Wave Quantum during the first quarter valued at approximately $1,064,000. Finally, Blue Bell Private Wealth Management LLC acquired a new position in D-Wave Quantum in the 1st quarter worth $70,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

D-Wave Quantum Stock Down 2.7%

NYSE:QBTS traded down $0.47 during trading hours on Thursday, reaching $17.11. The company's stock had a trading volume of 65,372,396 shares, compared to its average volume of 69,433,352. The company has a debt-to-equity ratio of 0.15, a current ratio of 20.73 and a quick ratio of 20.61. The company has a market cap of $5.00 billion, a price-to-earnings ratio of -28.52 and a beta of 1.41. D-Wave Quantum Inc. has a one year low of $0.75 and a one year high of $20.56. The business's 50-day moving average is $16.68 and its 200-day moving average is $10.95.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing 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 $3.10 million during the quarter, compared to the consensus estimate of $2.55 million. D-Wave Quantum's revenue for the quarter was up 40.9% compared to the same quarter last year. Equities research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 15,000 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.40, for a total value of $246,000.00. Following the sale, the director directly owned 44,295 shares in the company, valued at $726,438. This represents a 25.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Rohit Ghai sold 43,517 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the completion of the sale, the director directly owned 57,778 shares in the company, valued at approximately $970,670.40. The trade was a 42.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,636,796 shares of company stock worth $27,872,091 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

QBTS has been the topic of several research reports. Canaccord Genuity Group started coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They set a "buy" rating and a $20.00 price target on the stock. B. Riley raised their price target on shares of D-Wave Quantum from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research note on Tuesday. They set a "buy" rating and a $26.00 price objective on the stock. Benchmark reaffirmed a "buy" rating and set a $20.00 target price on shares of D-Wave Quantum in a report on Monday. Finally, Needham & Company LLC reiterated a "buy" rating on shares of D-Wave Quantum in a research report on Monday. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $17.55.

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.