Rhumbline Advisers Purchases 109,110 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Rhumbline Advisers grew its position in D-Wave Quantum Inc. (NYSE:QBTS) by 81.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 242,515 shares of the company’s stock after buying an additional 109,110 shares during the period. Rhumbline Advisers’ holdings in D-Wave Quantum were worth $1,843,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in QBTS. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the fourth quarter valued at approximately $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at $38,000. Heritage Wealth Advisors purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $67,000. Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock valued at $87,000 after purchasing an additional 1,766 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of D-Wave Quantum by 4,019.5% during the first quarter. GAMMA Investing LLC now owns 10,587 shares of the company’s stock valued at $80,000 after buying an additional 10,330 shares during the last quarter. Institutional investors own 42.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QBTS. Needham & Company LLC boosted their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Benchmark boosted their price objective on shares of D-Wave Quantum from $14.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday. B. Riley increased their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Roth Capital reaffirmed a “buy” rating on shares of D-Wave Quantum in a research report on Friday. Finally, Roth Mkm boosted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $11.17.

D-Wave Quantum Stock Performance

QBTS opened at $15.54 on Wednesday. The company’s 50 day moving average is $11.90 and its 200 day moving average is $8.45. The company has a current ratio of 20.73, a quick ratio of 20.61 and a debt-to-equity ratio of 0.15. The company has a market cap of $4.54 billion, a price-to-earnings ratio of -25.91 and a beta of 1.49. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $19.77.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. D-Wave Quantum had a negative net margin of 617.84% and a negative return on equity of 227.95%. The business had revenue of $15.00 million for the quarter, compared to analysts’ expectations of $10.50 million. On average, equities research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, Director John D. Dilullo sold 22,000 shares of the firm’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $15.12, for a total transaction of $332,640.00. Following the sale, the director now directly owns 59,295 shares in the company, valued at $896,540.40. This trade represents a 27.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Roger Biscay sold 96,521 shares of the company’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $17.86, for a total transaction of $1,723,865.06. Following the completion of the transaction, the director now directly owns 106,626 shares of the company’s stock, valued at $1,904,340.36. This represents a 47.51% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,636,796 shares of company stock valued at $27,872,091. 3.20% of the stock is owned by company insiders.

D-Wave Quantum Company 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.