Axxcess Wealth Management LLC Has $242,000 Position in D-Wave Quantum Inc. $QBTS

Axxcess Wealth Management LLC lowered its position in D-Wave Quantum Inc. (NYSE:QBTS) by 19.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,559 shares of the company’s stock after selling 4,100 shares during the period. Axxcess Wealth Management LLC’s holdings in D-Wave Quantum were worth $242,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in QBTS. Reyes Financial Architecture Inc. acquired a new position in D-Wave Quantum in the second quarter worth approximately $29,000. Parallel Advisors LLC increased its holdings in D-Wave Quantum by 227.3% in the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after buying an additional 1,532 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in D-Wave Quantum by 133.9% in the first quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock worth $42,000 after buying an additional 3,165 shares during the last quarter. Signaturefd LLC increased its holdings in D-Wave Quantum by 106.1% in the first quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after buying an additional 2,971 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company’s stock worth $48,000 after buying an additional 3,266 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Stifel Nicolaus assumed coverage on D-Wave Quantum in a report on Tuesday, August 5th. They issued 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 research report on Monday, August 4th. Zacks Research cut D-Wave Quantum from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Piper Sandler upped their target price on D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of D-Wave Quantum in a research report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.27.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 31,369 shares of the stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $43.74, for a total value of $1,372,080.06. Following the completion of the sale, the chief executive officer directly owned 2,801,265 shares of the company’s stock, valued at approximately $122,527,331.10. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 47,778 shares of the company’s stock, valued at $856,659.54. This represents a 17.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 207,363 shares of company stock valued at $4,659,478 over the last ninety days. 3.20% of the stock is owned by insiders.

D-Wave Quantum Stock Down 5.5%

Shares of D-Wave Quantum stock opened at $38.22 on Friday. D-Wave Quantum Inc. has a 12-month low of $0.98 and a 12-month high of $46.75. 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 stock has a market capitalization of $13.07 billion, a P/E ratio of -36.40 and a beta of 1.49. The stock has a 50 day moving average price of $23.32 and a two-hundred day moving average price of $16.91.

D-Wave Quantum (NYSE:QBTS) 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 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 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 analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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.