Franklin Resources Inc. Invests $1.51 Million in D-Wave Quantum Inc. $QBTS

Franklin Resources Inc. acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 102,912 shares of the company’s stock, valued at approximately $1,507,000.

A number of other hedge funds also recently bought and sold shares of QBTS. Vanguard Group Inc. increased its holdings in shares of D-Wave Quantum by 58.5% in the 1st quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock valued at $85,766,000 after acquiring an additional 4,166,721 shares during the period. Geode Capital Management LLC boosted its position in D-Wave Quantum by 41.6% during the second quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock valued at $93,877,000 after purchasing an additional 1,883,109 shares in the last quarter. Northern Trust Corp grew its stake in D-Wave Quantum by 63.4% in the first quarter. Northern Trust Corp now owns 1,597,981 shares of the company’s stock valued at $12,145,000 after purchasing an additional 619,894 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in D-Wave Quantum by 1,046.8% in the second quarter. JPMorgan Chase & Co. now owns 1,536,099 shares of the company’s stock worth $22,488,000 after purchasing an additional 1,402,156 shares in the last quarter. Finally, Trexquant Investment LP bought a new position in D-Wave Quantum in the first quarter worth about $8,064,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Piper Sandler increased their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Cantor Fitzgerald lifted their price target on shares of D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Rosenblatt Securities upped their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Canaccord Genuity Group raised their price objective on D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average price target of $29.85.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 806,288 shares of D-Wave Quantum stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the completion of the sale, the chief executive officer owned 2,801,265 shares of the company’s stock, valued at $80,872,520.55. The trade was a 22.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total value of $4,588,000.00. Following the completion of the sale, the chief financial officer owned 1,482,874 shares in the company, valued at approximately $34,017,129.56. This represents a 11.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,379,813 shares of company stock valued at $36,891,986. 3.20% of the stock is owned by company insiders.

D-Wave Quantum Trading Up 14.2%

NYSE QBTS opened at $28.63 on Friday. The stock has a market cap of $10.02 billion, a P/E ratio of -21.21 and a beta of 1.57. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. D-Wave Quantum Inc. has a 12-month low of $2.88 and a 12-month high of $46.75. The company has a fifty day simple moving average of $29.60 and a two-hundred day simple moving average of $21.57.

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