Rockefeller Capital Management L.P. Acquires New Position in D-Wave Quantum Inc. (NYSE:QBTS)

Rockefeller Capital Management L.P. bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 226,779 shares of the company’s stock, valued at approximately $1,905,000. Rockefeller Capital Management L.P. owned about 0.08% of D-Wave Quantum as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the fourth quarter worth about $38,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum during the 4th quarter valued at approximately $67,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum during the 4th quarter worth $84,000. Spire Wealth Management acquired a new stake in D-Wave Quantum in the fourth quarter worth $90,000. Finally, Prudential Financial Inc. bought a new stake in D-Wave Quantum in the fourth quarter valued at $95,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Insider Activity

In other news, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders own 7.22% of the company’s stock.

D-Wave Quantum Price Performance

Shares of NYSE:QBTS opened at $6.39 on Monday. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -15.20 and a beta of 0.88. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $11.95. The stock’s 50 day moving average price is $6.98 and its 200 day moving average price is $5.16.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

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

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.