Sanctuary Advisors LLC Acquires New Holdings in D-Wave Quantum Inc. $QBTS

Sanctuary Advisors LLC bought a new position in shares of D-Wave Quantum Inc. (NASDAQ:QBTS) in the second quarter, HoldingsChannel reports. The firm bought 49,067 shares of the company’s stock, valued at approximately $1,177,000.

Several other institutional investors and hedge funds also recently modified their holdings of QBTS. Root Financial Partners LLC raised its position 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 worth $26,000 after purchasing an additional 776 shares during the last quarter. Parallel Advisors LLC grew its holdings in D-Wave Quantum by 545.5% during the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after buying an additional 1,511 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in D-Wave Quantum during the 4th quarter valued at $28,000. PeakShares LLC purchased a new position in D-Wave Quantum during the first quarter worth $29,000. Finally, Ancora Advisors LLC acquired a new position in shares of D-Wave Quantum in the third quarter worth $30,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insiders Place Their Bets

In related news, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the completion of the transaction, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alan E. Baratz sold 687,627 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $26.13, for a total transaction of $17,967,693.51. Following the transaction, the chief executive officer directly owned 3,299,771 shares in the company, valued at approximately $86,223,016.23. This represents a 17.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,012,065 shares of company stock valued at $26,245,703. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on QBTS. Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Roth Capital reiterated a “buy” rating and set a $30.00 price objective on shares of D-Wave Quantum in a research report on Thursday, August 6th. Rosenblatt Securities restated a “buy” rating and issued a $43.00 target price on shares of D-Wave Quantum in a report on Friday, August 7th. Jefferies Financial Group set a $40.00 target price on shares of D-Wave Quantum in a report on Friday, August 7th. Finally, Canaccord Genuity Group set a $35.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $17.90 on Friday. The stock has a fifty day moving average price of $20.13 and a 200 day moving average price of $20.19. D-Wave Quantum Inc. has a 52 week low of $12.75 and a 52 week high of $46.75. The firm has a market capitalization of $6.62 billion, a P/E ratio of -25.21 and a beta of 2.15. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The business had revenue of $3.08 million during the quarter, compared to analysts’ expectations of $4.03 million. During the same quarter last year, the firm earned ($0.08) EPS. The firm’s quarterly revenue was down 0.6 compared to the same quarter last year. Equities research analysts anticipate that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

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.