Alliancebernstein L.P. Has $794,000 Stake in D-Wave Quantum Inc. (NYSE:QBTS)

Alliancebernstein L.P. lessened its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 19.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,480 shares of the company’s stock after selling 22,500 shares during the period. Alliancebernstein L.P.’s holdings in D-Wave Quantum were worth $794,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in QBTS. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the period. Barclays PLC boosted its position in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the fourth quarter valued at approximately $820,000. Finally, Sovereign Financial Group Inc. acquired a new position in D-Wave Quantum during the fourth quarter valued at approximately $179,000. 42.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.22% of the stock is owned by insiders.

D-Wave Quantum Price Performance

NYSE:QBTS opened at $6.39 on Friday. D-Wave Quantum Inc. has a one year low of $0.75 and a one year high of $11.95. The company has a market cap of $1.86 billion, a PE ratio of -15.20 and a beta of 0.88. The firm’s 50 day simple moving average is $6.98 and its 200 day simple moving average is $5.13.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Equities research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on QBTS shares. B. Riley raised their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average target price of $8.42.

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.