PFG Advisors Makes New $162,000 Investment in D-Wave Quantum Inc. $QBTS

PFG Advisors purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,073 shares of the company’s stock, valued at approximately $162,000.

A number of other institutional investors have also made changes to their positions in QBTS. Reyes Financial Architecture Inc. acquired a new position in D-Wave Quantum during the second quarter worth $29,000. Atlantic Union Bankshares Corp bought a new stake in D-Wave Quantum during the 2nd quarter worth about $29,000. Parallel Advisors LLC boosted its stake in shares of D-Wave Quantum by 227.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after buying an additional 1,532 shares during the last quarter. Gables Capital Management Inc. bought a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $37,000. Finally, Huntington National Bank bought a new position in shares of D-Wave Quantum in the 2nd quarter valued at about $41,000. Institutional investors own 42.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QBTS. Benchmark increased their price target on D-Wave Quantum from $20.00 to $35.00 and gave the company a “buy” rating in a research report on Monday. Stifel Nicolaus started coverage on D-Wave Quantum in a research note on Tuesday, August 5th. They set a “buy” rating and a $26.00 price objective on the stock. Canaccord Genuity Group raised their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Piper Sandler boosted 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. Finally, Needham & Company LLC reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.67.

D-Wave Quantum Stock Down 9.5%

QBTS stock opened at $26.25 on Thursday. D-Wave Quantum Inc. has a 1-year low of $1.41 and a 1-year high of $46.75. The business’s 50 day simple moving average is $28.85 and its 200 day simple moving average is $20.09. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $8.98 billion, a PE ratio of -19.44 and a beta of 1.53.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly 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. D-Wave Quantum had a negative return on equity of 97.58% and a negative net margin of 1,651.81%.The business had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The company’s quarterly revenue was up 105.6% compared to the same quarter last year. As a group, research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CFO John M. Markovich sold 7,994 shares of the firm’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $43.74, for a total transaction of $349,657.56. Following the completion of the sale, the chief financial officer directly owned 1,580,934 shares in the company, valued at $69,150,053.16. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $143,440.00. Following the sale, the director owned 36,295 shares of the company’s stock, 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. In the last quarter, insiders have sold 107,363 shares of company stock worth $2,859,478. 3.20% of the stock is owned by corporate insiders.

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.