Sovereign Financial Group Inc. Makes New Investment in D-Wave Quantum Inc. $QBTS

Sovereign Financial Group Inc. bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) in the 2nd quarter, HoldingsChannel reports. The fund bought 15,300 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds also recently bought and sold shares of the company. Vontobel Holding Ltd. boosted its stake in D-Wave Quantum by 786.8% during the first quarter. Vontobel Holding Ltd. now owns 110,850 shares of the company’s stock worth $842,000 after buying an additional 98,350 shares during the period. Farther Finance Advisors LLC boosted its stake in D-Wave Quantum by 491.3% during the second quarter. Farther Finance Advisors LLC now owns 16,321 shares of the company’s stock worth $239,000 after buying an additional 13,561 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in D-Wave Quantum during the first quarter worth about $167,000. Bouvel Investment Partners LLC purchased a new position in D-Wave Quantum during the second quarter worth about $2,145,000. Finally, Voya Investment Management LLC boosted its stake in D-Wave Quantum by 69.3% during the first quarter. Voya Investment Management LLC now owns 48,924 shares of the company’s stock worth $372,000 after buying an additional 20,022 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insider Activity at D-Wave Quantum

In related news, Director John D. Dilullo sold 8,000 shares of D-Wave Quantum stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the transaction, the director directly owned 36,295 shares in the company, valued at $650,769.35. This trade represents a 18.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $18.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the chief financial officer owned 1,558,753 shares in the company, valued at approximately $28,057,554. This trade represents a 6.03% decrease in their ownership of the stock. 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 in the last three months. Insiders own 3.20% of the company’s stock.

D-Wave Quantum Stock Performance

Shares of D-Wave Quantum stock opened at $33.04 on Monday. The firm’s fifty day simple moving average is $20.91 and its 200-day simple moving average is $15.78. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of -31.47 and a beta of 1.49. D-Wave Quantum Inc. has a 12 month low of $0.88 and a 12 month high of $39.55. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Piper Sandler increased their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Benchmark reissued a “buy” rating and issued a $20.00 price objective on shares of D-Wave Quantum in a research note on Monday, August 4th. Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, June 18th. Stifel Nicolaus started coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.27.

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.