Rhumbline Advisers Boosts Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

Rhumbline Advisers increased its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 81.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 242,515 shares of the company’s stock after purchasing an additional 109,110 shares during the period. Rhumbline Advisers owned approximately 0.08% of D-Wave Quantum worth $1,843,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in D-Wave Quantum by 20.6% in the fourth 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. Invesco Ltd. lifted its stake in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after acquiring an additional 2,051 shares during the last quarter. Corebridge Financial Inc. boosted its holdings in D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after acquiring an additional 2,342 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum during the 4th quarter valued at about $26,000. Finally, Steward Partners Investment Advisory LLC grew its position in D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after acquiring an additional 3,660 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 845,813 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $17.00, for a total value of $14,378,821.00. Following the sale, the chief executive officer now directly owns 2,866,412 shares of the company’s stock, valued at $48,729,004. The trade was a 22.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Roger Biscay sold 96,521 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total value of $1,723,865.06. Following the completion of the sale, the director now owns 106,626 shares in the company, valued at $1,904,340.36. The trade was a 47.51% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,636,796 shares of company stock worth $27,872,091. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Needham & Company LLC increased their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Benchmark increased their price target on shares of D-Wave Quantum from $14.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a report on Friday. Roth Mkm increased their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, B. Riley raised their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and an average price target of $11.17.

D-Wave Quantum Stock Down 2.9%

Shares of NYSE QBTS opened at $15.54 on Wednesday. The firm has a fifty day simple moving average of $11.90 and a two-hundred day simple moving average of $8.45. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $4.54 billion, a PE ratio of -25.91 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. Equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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.