D-Wave Quantum Inc. (NYSE:QBTS) Shares Bought by Capital Advisory Group Advisory Services LLC

Capital Advisory Group Advisory Services LLC grew its stake in D-Wave Quantum Inc. (NYSE:QBTS) by 19.4% in the first quarter, Holdings Channel reports. The fund owned 21,521 shares of the company’s stock after purchasing an additional 3,490 shares during the period. Capital Advisory Group Advisory Services LLC’s holdings in D-Wave Quantum were worth $164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Bank of New York Mellon Corp boosted its holdings in D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock valued at $1,845,000 after purchasing an additional 63,799 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of D-Wave Quantum by 1,097.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 228,047 shares of the company’s stock valued at $1,916,000 after buying an additional 209,000 shares during the period. Truist Financial Corp acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $108,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of D-Wave Quantum by 20.6% during the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company’s stock worth $393,000 after buying an additional 8,001 shares during the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Down 5.5%

NYSE:QBTS opened at $16.96 on Wednesday. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $19.77. The stock’s fifty day moving average is $10.97 and its two-hundred day moving average is $8.00. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -40.39 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Roger Biscay sold 96,521 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total value of $1,723,865.06. Following the sale, the director now directly owns 106,626 shares in the company, valued at approximately $1,904,340.36. This trade represents a 47.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 845,813 shares of D-Wave Quantum stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total value of $14,378,821.00. Following the completion of the transaction, the chief executive officer now owns 2,866,412 shares of the company’s stock, valued at approximately $48,729,004. This trade represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,358,009 shares of company stock worth $23,282,578 over the last three months. Company insiders own 7.22% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on QBTS shares. Needham & Company LLC increased their price objective on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Roth Mkm increased their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Benchmark raised their price objective on D-Wave Quantum from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Finally, B. Riley upped their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus price target of $10.17.

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.