McGuire Investment Group LLC Increases Stake in D-Wave Quantum Inc. $QBTS

McGuire Investment Group LLC raised its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 1,224.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 366,810 shares of the company’s stock after buying an additional 339,117 shares during the quarter. McGuire Investment Group LLC owned about 0.13% of D-Wave Quantum worth $5,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Reyes Financial Architecture Inc. bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $29,000. Parallel Advisors LLC boosted its position in shares of D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after acquiring an additional 1,532 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after acquiring an additional 3,165 shares during the last quarter. Signaturefd LLC boosted its position in shares of D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after acquiring an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of D-Wave Quantum by 107.8% during the 1st quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock valued at $48,000 after acquiring an additional 3,266 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Williams Trading set a $20.00 target price on D-Wave Quantum in a research report on Wednesday, June 18th. B. Riley increased their target price on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Canaccord Genuity Group began coverage on D-Wave Quantum in a research report on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 price target for the company. Needham & Company LLC restated a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Finally, Rosenblatt Securities began coverage on D-Wave Quantum in a research report on Tuesday, July 29th. They issued a “buy” rating and a $30.00 price target for the company. Eleven analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $20.27.

D-Wave Quantum Stock Performance

QBTS stock opened at $25.58 on Thursday. The company has a quick ratio of 42.86, a current ratio of 42.99 and a debt-to-equity ratio of 0.05. The business’s fifty day simple moving average is $18.72 and its two-hundred day simple moving average is $14.52. D-Wave Quantum Inc. has a twelve month low of $0.87 and a twelve month high of $29.18. The firm has a market cap of $8.75 billion, a price-to-earnings ratio of -24.36 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.03). D-Wave Quantum had a negative return on equity of 118.87% and a negative net margin of 1,263.92%.The business had revenue of $3.10 million during the quarter, compared to analysts’ expectations of $2.55 million. The company’s revenue for the quarter was up 40.9% compared to the same quarter last year. Analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $16.30, for a total transaction of $815,000.00. Following the transaction, the chief financial officer owned 1,599,511 shares in the company, valued at approximately $26,072,029.30. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This represents a 17.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 168,000 shares of company stock worth $2,937,740 over the last quarter. Company insiders own 3.20% of the company’s stock.

D-Wave Quantum 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.