Cibc World Market Inc. Purchases 40,897 Shares of D-Wave Quantum Inc. $QBTS

Cibc World Market Inc. raised its position in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 295.0% in the fourth quarter, HoldingsChannel reports. The firm owned 54,760 shares of the company’s stock after buying an additional 40,897 shares during the quarter. Cibc World Market Inc.’s holdings in D-Wave Quantum were worth $1,432,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Root Financial Partners LLC grew its stake in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after purchasing an additional 838 shares during the period. Ancora Advisors LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter valued at about $30,000. Kelleher Financial Advisors purchased a new position in shares of D-Wave Quantum during the 3rd quarter valued at about $40,000. Finally, Valley National Advisers Inc. lifted its position in shares of D-Wave Quantum by 222.2% during the 4th quarter. Valley National Advisers Inc. now owns 1,595 shares of the company’s stock valued at $41,000 after buying an additional 1,100 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other D-Wave Quantum news, VP Sophie C. Ames sold 23,025 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total value of $437,014.50. Following the completion of the transaction, the vice president directly owned 596,803 shares in the company, valued at $11,327,320.94. This represents a 3.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 328,752 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $27.70, for a total value of $9,106,430.40. Following the completion of the transaction, the chief financial officer owned 1,442,820 shares of the company’s stock, valued at $39,966,114. The trade was a 18.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 386,311 shares of company stock valued at $10,255,860. 1.30% of the stock is owned by company insiders.

D-Wave Quantum Trading Down 8.9%

Shares of QBTS stock opened at $23.53 on Wednesday. D-Wave Quantum Inc. has a 52-week low of $12.75 and a 52-week high of $46.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The firm has a market capitalization of $8.70 billion, a PE ratio of -20.82 and a beta of 2.05. The stock has a fifty day simple moving average of $21.12 and a two-hundred day simple moving average of $22.22.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. During the same period in the prior year, the company posted ($0.02) EPS. The firm’s revenue for the quarter was down 80.9% compared to the same quarter last year. On average, analysts predict that D-Wave Quantum Inc. will post -0.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of analyst reports. Roth Mkm lifted their price objective on D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. B. Riley Financial lifted their price objective on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Stifel Nicolaus set a $35.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Mizuho reduced their price objective on shares of D-Wave Quantum from $31.00 to $29.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Northland Securities initiated coverage on shares of D-Wave Quantum in a research note on Monday, April 20th. They issued a “market perform” rating and a $22.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.40.

More D-Wave Quantum News

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: B. Riley raised its price target on D-Wave Quantum to $40 from $36 and kept a Buy rating, reinforcing a constructive Wall Street view on the stock. B. Riley is Bullish on D-Wave Quantum Inc. (QBTS)
• Positive Sentiment: Multiple recent articles cite upside potential for QBTS, with analyst targets implying meaningful gains if the quantum computing sector attracts fresh capital. 2 Quantum Stocks With 45%+ Upside in June as OpenAI, SpaceX Eye IPO
• Neutral Sentiment: Recent board and insider filings appear largely routine, including a director sale that was made under a pre-arranged 10b5-1 plan and an article noting routine RSU grants. John Dilullo Sells 7,850 Shares of D-Wave Quantum (NYSE:QBTS) Stock
• Negative Sentiment: Investor sentiment toward QBTS has weakened today as money moved out of speculative growth stocks, putting pressure on the valuation despite no major operational setback in the news. D-Wave Quantum Plummeted Today — Is the Stock a Buy Right Now?
• Negative Sentiment: One article argues that larger tech names like Intel and IBM are increasing quantum investments, which could make it harder for pure-play companies such as D-Wave to stand out. The Case for Intel Over Pure-Play Quantum Firms (QBTS)

D-Wave Quantum Company Profile

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.