Commonwealth Equity Services LLC Purchases 209,000 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Commonwealth Equity Services LLC boosted its position in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 1,097.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 228,047 shares of the company’s stock after acquiring an additional 209,000 shares during the period. Commonwealth Equity Services LLC owned 0.08% of D-Wave Quantum worth $1,916,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Avantax Advisory Services Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter worth approximately $678,000. Hollencrest Capital Management bought a new position in D-Wave Quantum during the fourth quarter worth $118,000. Prosperity Wealth Management Inc. acquired a new position in D-Wave Quantum during the 4th quarter valued at $450,000. Citizens Financial Group Inc. RI bought a new stake in D-Wave Quantum in the 4th quarter valued at $658,000. Finally, PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the 4th quarter worth $38,000. 42.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on QBTS shares. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Trading Down 6.0 %

NYSE QBTS opened at $7.58 on Friday. The company has a 50 day moving average of $6.62 and a 200-day moving average of $4.43. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $11.95. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -18.04 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. On average, analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the sale, the insider now directly owns 37,278,688 shares of the company’s stock, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company’s stock.

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.