Rockefeller Capital Management L.P. Invests $1.91 Million in D-Wave Quantum Inc. (NYSE:QBTS)

Rockefeller Capital Management L.P. acquired a new position in shares of 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 institutional investor acquired 226,779 shares of the company's stock, valued at approximately $1,905,000. Rockefeller Capital Management L.P. owned approximately 0.08% of D-Wave Quantum at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in QBTS. Raymond James Financial Inc. bought a new stake in D-Wave Quantum during the 4th quarter valued at $2,087,000. Invesco Ltd. raised its holdings in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares during the last quarter. Bank of Montreal Can bought a new position in D-Wave Quantum in the 4th quarter valued at about $111,000. Envestnet Asset Management Inc. acquired a new position in D-Wave Quantum during the 4th quarter valued at about $264,000. Finally, Arete Wealth Advisors LLC increased its holdings in D-Wave Quantum by 1,300.0% during the 4th quarter. Arete Wealth Advisors LLC now owns 227,798 shares of the company's stock worth $1,913,000 after purchasing an additional 211,527 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Up 4.7 %

Shares of NYSE:QBTS traded up $0.34 during midday trading on Thursday, reaching $7.47. The company had a trading volume of 15,842,136 shares, compared to its average volume of 33,896,812. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $11.95. The company's 50 day moving average price is $6.99 and its 200 day moving average price is $5.21. The stock has a market cap of $2.17 billion, a P/E ratio of -17.80 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Research analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on QBTS. Roth Mkm raised their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $8.50 target price on shares of D-Wave Quantum in a report on Wednesday, April 2nd. Finally, B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $8.42.

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.