MetLife Investment Management LLC Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

MetLife Investment Management LLC purchased a new position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 59,199 shares of the company's stock, valued at approximately $497,000.

Other hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth approximately $38,000. Heritage Wealth Advisors bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $84,000. Summit Investment Advisors Inc. increased its position in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Spire Wealth Management bought a new position in D-Wave Quantum in the 4th quarter valued at approximately $90,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. B. Riley lifted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Roth Mkm raised their target price 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, Benchmark reissued a "buy" rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $8.42.

D-Wave Quantum Stock Down 0.5 %

QBTS stock traded down $0.04 during mid-day trading on Tuesday, hitting $7.25. The company had a trading volume of 17,995,337 shares, compared to its average volume of 34,863,651. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $11.95. The company has a 50-day moving average price of $7.12 and a 200 day moving average price of $5.63. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of -17.25 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

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.