Zurcher Kantonalbank Zurich Cantonalbank Acquires 87,435 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 698.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 99,949 shares of the company’s stock after purchasing an additional 87,435 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in D-Wave Quantum were worth $760,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Marietta Investment Partners LLC bought a new stake in shares of D-Wave Quantum during the 1st quarter valued at approximately $521,000. KLP Kapitalforvaltning AS acquired a new stake in D-Wave Quantum in the first quarter valued at approximately $353,000. Choreo LLC bought a new stake in shares of D-Wave Quantum during the first quarter worth $127,000. Flynn Zito Capital Management LLC bought a new stake in shares of D-Wave Quantum during the first quarter worth $1,064,000. Finally, Blue Bell Private Wealth Management LLC acquired a new position in shares of D-Wave Quantum during the first quarter worth $70,000. Institutional investors own 42.47% of the company’s stock.

Insider Transactions at D-Wave Quantum

In related news, Director Kirstjen Nielsen sold 58,644 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $16.21, for a total transaction of $950,619.24. Following the sale, the director owned 132,673 shares in the company, valued at $2,150,629.33. This represents a 30.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger Biscay sold 106,626 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $16.85, for a total value of $1,796,648.10. Following the sale, the director directly owned 14,260 shares of the company’s stock, valued at $240,281. This represents a 88.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,636,796 shares of company stock worth $27,872,091. Corporate insiders own 3.20% of the company’s stock.

D-Wave Quantum Stock Performance

NYSE:QBTS opened at $18.34 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 20.61 and a current ratio of 20.73. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $20.56. The company has a 50 day simple moving average of $16.68 and a two-hundred day simple moving average of $10.91. The company has a market capitalization of $5.36 billion, a PE ratio of -30.57 and a beta of 1.41.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results 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 business had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on QBTS shares. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a report on Friday, June 13th. Cantor Fitzgerald assumed coverage on D-Wave Quantum in a research note on Wednesday, July 2nd. They set an “overweight” rating and a $20.00 price target on the stock. Canaccord Genuity Group started coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They set a “buy” rating and a $20.00 price target on the stock. Needham & Company LLC raised their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Williams Trading set a $20.00 target price on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $17.55.

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.