State of New Jersey Common Pension Fund D Takes $1.45 Million Position in D-Wave Quantum Inc. $QBTS

State of New Jersey Common Pension Fund D purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 98,920 shares of the company’s stock, valued at approximately $1,448,000.

A number of other large investors also recently bought and sold shares of the stock. Cornerstone Advisory LLC acquired a new position in D-Wave Quantum in the second quarter valued at approximately $1,178,000. Freedom Investment Management Inc. acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at $428,000. Gables Capital Management Inc. acquired a new position in shares of D-Wave Quantum in the 2nd quarter valued at $37,000. Chicago Partners Investment Group LLC lifted its stake in shares of D-Wave Quantum by 30.3% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 15,737 shares of the company’s stock valued at $230,000 after purchasing an additional 3,662 shares during the period. Finally, Curbstone Financial Management Corp lifted its stake in shares of D-Wave Quantum by 19.0% in the 2nd quarter. Curbstone Financial Management Corp now owns 23,800 shares of the company’s stock valued at $348,000 after purchasing an additional 3,800 shares during the period. 42.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the completion of the sale, the director directly owned 36,295 shares in the company, valued at $650,769.35. This represents a 18.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rohit Ghai sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the completion of the sale, the director owned 47,778 shares of the company’s stock, valued at $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 207,363 shares of company stock valued at $4,659,478 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

D-Wave Quantum Price Performance

Shares of D-Wave Quantum stock opened at $36.96 on Monday. The business has a 50 day simple moving average of $26.61 and a two-hundred day simple moving average of $18.90. D-Wave Quantum Inc. has a 12 month low of $0.98 and a 12 month high of $46.75. The stock has a market capitalization of $12.64 billion, a P/E ratio of -35.20 and a beta of 1.53. The company has a debt-to-equity ratio of 0.05, a current ratio of 42.99 and a quick ratio of 42.86.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.03). D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The firm had revenue of $3.10 million during the quarter, compared to analyst estimates of $2.55 million. D-Wave Quantum’s quarterly revenue was up 40.9% on a year-over-year basis. As a group, analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Roth Capital reiterated a “buy” rating on shares of D-Wave Quantum in a research report on Wednesday, October 15th. Canaccord Genuity Group initiated coverage on D-Wave Quantum in a report on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 price target for the company. Stifel Nicolaus assumed coverage on D-Wave Quantum in a report on Tuesday, August 5th. They issued a “buy” rating and a $26.00 price target for the company. Wall Street Zen downgraded D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of D-Wave Quantum in a research note on Tuesday, October 14th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.27.

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.