Geode Capital Management LLC Raises Holdings in D-Wave Quantum Inc. $QBTS

Geode Capital Management LLC raised its stake in D-Wave Quantum Inc. (NYSE:QBTS) by 41.6% during the second quarter, Holdings Channel.com reports. The firm owned 6,411,558 shares of the company’s stock after purchasing an additional 1,883,109 shares during the quarter. Geode Capital Management LLC’s holdings in D-Wave Quantum were worth $93,877,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Reyes Financial Architecture Inc. purchased a new stake in shares of D-Wave Quantum during the second quarter worth approximately $29,000. Atlantic Union Bankshares Corp acquired a new position in D-Wave Quantum during the 2nd quarter worth approximately $29,000. Parallel Advisors LLC grew its holdings in 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 acquiring an additional 1,532 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in shares of D-Wave Quantum in the 2nd quarter valued at approximately $37,000. Finally, Huntington National Bank acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at $41,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Stock Down 0.3%

QBTS opened at $20.45 on Friday. D-Wave Quantum Inc. has a one year low of $1.97 and a one year high of $46.75. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The stock has a market capitalization of $7.16 billion, a P/E ratio of -15.15 and a beta of 1.53. The business’s 50-day simple moving average is $29.74 and its 200-day simple moving average is $20.74.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The firm had revenue of $3.74 million during the quarter, compared to analysts’ expectations 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%.D-Wave Quantum’s revenue for the quarter was up 105.6% on a year-over-year basis. Analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of analyst reports. Canaccord Genuity Group boosted their target price on shares of D-Wave Quantum from $20.00 to $41.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Williams Trading set a $35.00 price target on D-Wave Quantum in a report on Monday, November 10th. Roth Capital set a $40.00 price objective on D-Wave Quantum in a report on Thursday, November 6th. Zacks Research raised D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, 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 target price for the company. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.67.

Insider Transactions at D-Wave Quantum

In other news, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the transaction, the director directly owned 47,778 shares in the company, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 200,000 shares of D-Wave Quantum stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,482,874 shares in the company, valued at $34,017,129.56. The trade was a 11.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,379,813 shares of company stock valued at $36,891,986 over the last ninety days. 3.20% of the stock is owned by insiders.

D-Wave Quantum Profile

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.