Northern Trust Corp Has $8.22 Million Stake in D-Wave Quantum Inc. (NYSE:QBTS)

Northern Trust Corp grew its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 25.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 978,087 shares of the company’s stock after buying an additional 201,091 shares during the period. Northern Trust Corp owned 0.36% of D-Wave Quantum worth $8,216,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $84,000. Summit Investment Advisors Inc. lifted its holdings in D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the last quarter. Finally, Spire Wealth Management acquired a new stake in D-Wave Quantum during the 4th quarter worth approximately $90,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $12.31 on Monday. The stock has a market capitalization of $3.59 billion, a PE ratio of -29.31 and a beta of 0.90. The business has a fifty day moving average price of $8.00 and a two-hundred day moving average price of $6.19. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $12.66.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to analyst estimates of $10.50 million. On average, equities analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. B. Riley lifted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Benchmark lifted their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a report on Monday, May 12th. Needham & Company LLC lifted their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Roth Mkm lifted their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $10.17.

D-Wave Quantum Company 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.