Wealth Enhancement Advisory Services LLC Takes $116,000 Position in D-Wave Quantum Inc. (NYSE:QBTS)

Wealth Enhancement Advisory Services LLC bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 15,234 shares of the company’s stock, valued at approximately $116,000.

A number of other institutional investors have also modified their holdings of the stock. Capital Advisory Group Advisory Services LLC raised its stake in shares of D-Wave Quantum by 19.4% in the 1st quarter. Capital Advisory Group Advisory Services LLC now owns 21,521 shares of the company’s stock valued at $164,000 after purchasing an additional 3,490 shares in the last quarter. Focus Financial Network Inc. acquired a new stake in shares of D-Wave Quantum in the 1st quarter valued at about $217,000. Curbstone Financial Management Corp acquired a new stake in shares of D-Wave Quantum in the 1st quarter valued at about $152,000. Yarbrough Capital LLC bought a new stake in shares of D-Wave Quantum during the 1st quarter valued at about $920,000. Finally, Patriot Financial Group Insurance Agency LLC grew its position in shares of D-Wave Quantum by 52.1% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 88,363 shares of the company’s stock valued at $672,000 after buying an additional 30,263 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

Analysts Set New Price Targets

QBTS has been the subject of a number of recent research reports. Cantor Fitzgerald initiated coverage on shares of D-Wave Quantum in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $20.00 price objective for the company. Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Benchmark reaffirmed a “buy” rating and set a $20.00 price objective (up previously from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. B. Riley reaffirmed a “buy” rating and set a $20.00 price objective (up previously from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, Williams Trading set a $20.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $14.38.

Insider Buying and Selling

In other news, Director Roger Biscay sold 106,626 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.85, for a total value of $1,796,648.10. Following the completion of the sale, the director directly owned 14,260 shares of the company’s stock, valued at approximately $240,281. This represents a 88.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rohit Ghai sold 43,517 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.80, for a total transaction of $731,085.60. Following the completion of the sale, the director directly owned 57,778 shares of the company’s stock, valued at approximately $970,670.40. This represents a 42.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,636,796 shares of company stock worth $27,872,091. Company insiders own 3.20% of the company’s stock.

D-Wave Quantum Price Performance

NYSE QBTS opened at $16.03 on Friday. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week 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 stock has a market cap of $4.68 billion, a price-to-earnings ratio of -26.71 and a beta of 1.40. The company has a 50-day moving average price of $14.82 and a two-hundred day moving average price of $9.62.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $15.00 million during the quarter, compared to analysts’ expectations of $10.50 million. Analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

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.