D-Wave Quantum Inc. (NYSE:QBTS) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE lifted its position in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 4,912.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,548,099 shares of the company’s stock after acquiring an additional 2,497,263 shares during the quarter. Bank of America Corp DE owned 0.95% of D-Wave Quantum worth $21,404,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of QBTS. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the 4th quarter worth about $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum in the 4th quarter worth about $84,000. Summit Investment Advisors Inc. lifted its stake in D-Wave Quantum by 20.6% in 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 in the last quarter. Finally, Spire Wealth Management purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $90,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Up 7.5%

D-Wave Quantum stock opened at $13.17 on Tuesday. D-Wave Quantum Inc. has a twelve month low of $0.75 and a twelve month high of $13.44. The stock’s fifty day simple moving average is $8.15 and its 200-day simple moving average is $6.28. The firm has a market capitalization of $3.84 billion, a P/E ratio of -31.36 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million for the quarter, compared to analysts’ expectations of $10.50 million. Sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

QBTS has been the topic of several analyst reports. Benchmark lifted their price target on shares of D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Roth Mkm lifted their price target 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. Needham & Company LLC boosted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, B. Riley boosted their target price on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating 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 presently has a consensus rating of “Buy” and a consensus target price of $10.17.

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.