Van ECK Associates Corp raised its position in D-Wave Quantum Inc. (NASDAQ:QBTS – Free Report) by 52.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,339,788 shares of the company’s stock after buying an additional 806,835 shares during the period. Van ECK Associates Corp owned approximately 0.63% of D-Wave Quantum worth $56,132,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. World Investment Advisors grew its position in D-Wave Quantum by 195.7% in the 4th quarter. World Investment Advisors now owns 41,691 shares of the company’s stock worth $1,090,000 after purchasing an additional 27,592 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of D-Wave Quantum by 319.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 98,747 shares of the company’s stock valued at $1,353,000 after buying an additional 75,198 shares during the last quarter. Clear Street Group Inc. boosted its position in shares of D-Wave Quantum by 40.4% during the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after buying an additional 1,232,106 shares during the period. Cibc World Market Inc. boosted its position in shares of D-Wave Quantum by 295.0% during the fourth quarter. Cibc World Market Inc. now owns 54,760 shares of the company’s stock worth $1,432,000 after buying an additional 40,897 shares during the period. Finally, Intech Investment Management LLC grew its holdings in D-Wave Quantum by 26.9% in the 4th quarter. Intech Investment Management LLC now owns 112,742 shares of the company’s stock worth $2,948,000 after buying an additional 23,892 shares in the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.
D-Wave Quantum Trading Down 5.1%
NASDAQ:QBTS opened at $16.99 on Friday. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. D-Wave Quantum Inc. has a 1-year low of $12.75 and a 1-year high of $46.75. The firm has a market capitalization of $6.28 billion, a price-to-earnings ratio of -23.93 and a beta of 2.15. The stock has a fifty day simple moving average of $19.98 and a 200 day simple moving average of $20.17.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on QBTS. Zacks Research cut shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Roth Capital reiterated a “buy” rating and issued a $30.00 price objective on shares of D-Wave Quantum in a report on Thursday, August 6th. Benchmark started coverage on D-Wave Quantum in a report on Monday, July 27th. They set a “buy” rating and a $30.00 target price on the stock. Rosenblatt Securities restated a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a research report on Friday, August 7th. Finally, B. Riley Financial increased their price target on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.27.
Check Out Our Latest Research Report on QBTS
Insider Buying and Selling at D-Wave Quantum
In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the completion of the sale, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. The trade was a 17.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total value of $357,010.38. Following the completion of the sale, the director owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,012,065 shares of company stock valued at $26,245,703 in the last quarter. Corporate insiders own 1.30% of the company’s stock.
D-Wave Quantum Company Profile
D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
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