Nicholas Investment Partners LP purchased a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund purchased 230,711 shares of the company’s stock, valued at approximately $5,535,000.
A number of other hedge funds also recently made changes to their positions in the stock. Legal & General Group Plc bought a new stake in D-Wave Quantum in the second quarter valued at approximately $6,733,000. The Manufacturers Life Insurance Company bought a new position in D-Wave Quantum during the 2nd quarter worth approximately $4,911,000. Wilmar Advisors LLC bought a new position in D-Wave Quantum during the 2nd quarter worth approximately $480,000. Fiduciary Financial Advisors acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $25,000. Finally, Cibc World Market Inc. acquired a new position in shares of D-Wave Quantum in the 2nd quarter worth approximately $1,461,000. 42.47% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
QBTS has been the subject of a number of analyst reports. BMO Capital Markets started coverage on shares of D-Wave Quantum in a research note on Thursday. They set an “outperform” rating and a $35.00 target price for the company. Mizuho boosted their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 target price on shares of D-Wave Quantum in a research note on Friday, August 7th. Jefferies Financial Group set a $40.00 target price on D-Wave Quantum in a report on Friday, August 7th. Finally, Zacks Research cut D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average target price of $36.27.
Insider Buying and Selling at D-Wave Quantum
In other D-Wave Quantum news, CEO Alan E. Baratz sold 687,627 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the completion of the transaction, the chief executive officer owned 3,299,771 shares in the company, valued at $86,223,016.23. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sophie C. Ames sold 3,070 shares of D-Wave Quantum stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $16.95, for a total transaction of $52,036.50. Following the completion of the transaction, the vice president owned 589,009 shares of the company’s stock, valued at $9,983,702.55. The trade was a 0.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,012,065 shares of company stock valued at $26,245,703. Insiders own 1.30% of the company’s stock.
D-Wave Quantum Trading Down 8.4%
Shares of QBTS stock opened at $18.68 on Tuesday. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of -26.31 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The company has a 50-day simple moving average of $20.47 and a two-hundred day simple moving average of $20.21. D-Wave Quantum Inc. has a 52-week low of $12.75 and a 52-week high of $46.75.
D-Wave Quantum (NASDAQ:QBTS – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The company had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The business’s quarterly revenue was down 0.6 on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS. Research analysts anticipate that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.
About D-Wave Quantum
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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