Bank of New York Mellon Corp Acquires 399,521 Shares of D-Wave Quantum Inc. $QBTS

Bank of New York Mellon Corp lifted its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 77.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 913,355 shares of the company’s stock after buying an additional 399,521 shares during the period. Bank of New York Mellon Corp owned about 0.31% of D-Wave Quantum worth $13,372,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Reyes Financial Architecture Inc. bought a new stake in D-Wave Quantum during the second quarter worth approximately $29,000. Parallel Advisors LLC boosted its holdings in shares of D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after purchasing an additional 1,532 shares during the period. Gables Capital Management Inc. bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $37,000. Russell Investments Group Ltd. raised its holdings in D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock valued at $42,000 after buying an additional 3,165 shares during the period. Finally, Signaturefd LLC raised its holdings in D-Wave Quantum by 106.1% during the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock valued at $44,000 after buying an additional 2,971 shares during the period. Institutional investors own 42.47% of the company’s stock.

Insider Transactions at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director owned 47,778 shares of the company’s stock, valued at approximately $856,659.54. This represents a 17.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total value of $143,440.00. Following the transaction, the director owned 36,295 shares in the company, valued at approximately $650,769.35. This represents a 18.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,179,813 shares of company stock valued at $32,303,986. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on QBTS. Weiss Ratings reiterated a “sell (e+)” rating on shares of D-Wave Quantum in a research report on Tuesday, October 14th. Piper Sandler raised their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Cantor Fitzgerald upped their price target on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Roth Capital set a $40.00 price objective on shares of D-Wave Quantum in a research report on Thursday, November 6th. Finally, Benchmark boosted their target price on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and an average price target of $28.67.

D-Wave Quantum Trading Up 1.0%

Shares of QBTS opened at $23.05 on Wednesday. The firm has a market capitalization of $8.07 billion, a price-to-earnings ratio of -17.07 and a beta of 1.53. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. D-Wave Quantum Inc. has a 1-year low of $1.43 and a 1-year high of $46.75. The company has a 50-day moving average of $29.46 and a 200 day moving average of $20.63.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The business had revenue of $3.74 million for the quarter, compared to analyst estimates of $3.03 million. D-Wave Quantum’s revenue for the quarter was up 105.6% on a year-over-year basis. On average, research analysts expect that D-Wave Quantum Inc. will post -0.41 EPS 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.