Arrowstreet Capital Limited Partnership Takes $45.37 Million Position in D-Wave Quantum Inc. $QBTS

Arrowstreet Capital Limited Partnership purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,099,209 shares of the company’s stock, valued at approximately $45,372,000. Arrowstreet Capital Limited Partnership owned 1.06% of D-Wave Quantum at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its stake in D-Wave Quantum by 64.5% in the second quarter. New York State Common Retirement Fund now owns 93,129 shares of the company’s stock worth $1,363,000 after purchasing an additional 36,529 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of D-Wave Quantum by 73.2% during the second quarter. Hsbc Holdings PLC now owns 36,614 shares of the company’s stock worth $527,000 after purchasing an additional 15,480 shares during the last quarter. Choreo LLC boosted its stake in shares of D-Wave Quantum by 10.6% during the second quarter. Choreo LLC now owns 18,459 shares of the company’s stock valued at $270,000 after purchasing an additional 1,768 shares during the period. XTX Topco Ltd grew its holdings in shares of D-Wave Quantum by 95.5% in the second quarter. XTX Topco Ltd now owns 128,611 shares of the company’s stock worth $1,883,000 after purchasing an additional 62,812 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its stake in D-Wave Quantum by 25.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 17,233 shares of the company’s stock worth $252,000 after buying an additional 3,458 shares during the period. 42.47% of the stock is currently owned by institutional investors.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $25.05, for a total value of $2,505,000.00. Following the completion of the sale, the chief financial officer directly owned 1,482,874 shares in the company, valued at $37,145,993.70. This trade represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the transaction, the director directly owned 47,778 shares in the company, valued at approximately $856,659.54. The trade was a 17.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,486,813 shares of company stock valued at $39,555,326 over the last three months. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald boosted their price objective on shares of D-Wave Quantum from $20.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Williams Trading set a $35.00 price target on D-Wave Quantum in a report on Monday, November 10th. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Benchmark upped their target price on D-Wave Quantum from $20.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of D-Wave Quantum in a research note on Tuesday. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus target price of $29.85.

D-Wave Quantum Price Performance

QBTS opened at $26.97 on Friday. The firm has a market capitalization of $9.44 billion, a PE ratio of -19.98 and a beta of 1.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49. The business’s 50-day moving average is $29.60 and its two-hundred day moving average is $21.67. D-Wave Quantum Inc. has a 1 year low of $3.71 and a 1 year high of $46.75.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating 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 analysts’ expectations of $3.03 million. The firm’s quarterly revenue was up 105.6% compared to the same quarter last year. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal 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.