Federated Hermes Inc. Grows Stock Position in D-Wave Quantum Inc. $QBTS

Federated Hermes Inc. increased its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 259,560.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 184,359 shares of the company’s stock after acquiring an additional 184,288 shares during the period. Federated Hermes Inc.’s holdings in D-Wave Quantum were worth $4,556,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QBTS. Atlantic Union Bankshares Corp purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth $29,000. Financial Consulate Inc. acquired a new position in D-Wave Quantum in the third quarter valued at about $31,000. Gables Capital Management Inc. purchased a new position in D-Wave Quantum during the second quarter worth about $37,000. Huntington National Bank acquired a new stake in shares of D-Wave Quantum during the second quarter valued at about $41,000. Finally, GAMMA Investing LLC increased its position in shares of D-Wave Quantum by 34.6% during the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after acquiring an additional 482 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on QBTS. Cantor Fitzgerald upped their price objective 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. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Rosenblatt Securities restated a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Roth Mkm set a $40.00 price objective on D-Wave Quantum in a report on Thursday, November 6th. Finally, Wedbush assumed coverage on D-Wave Quantum in a report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, D-Wave Quantum presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Trading Down 1.4%

NYSE:QBTS opened at $20.92 on Tuesday. D-Wave Quantum Inc. has a 12-month low of $4.45 and a 12-month high of $46.75. The firm has a market cap of $7.73 billion, a PE ratio of -15.49 and a beta of 1.56. 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 stock has a fifty day moving average price of $26.40 and a 200 day moving average price of $24.80.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. The company 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 company’s revenue for the quarter was up 105.6% on a year-over-year basis. Sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the transaction, the director owned 37,778 shares in the company, valued at $917,249.84. The trade was a 20.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $27.36, for a total transaction of $218,880.00. Following the completion of the sale, the director directly owned 27,803 shares in the company, valued at approximately $760,690.08. This represents a 22.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 2,346,916 shares of company stock valued at $65,591,314. 3.20% of the stock is owned by corporate insiders.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.