Advisor Resource Council Purchases Shares of 13,627 D-Wave Quantum Inc. (NYSE:QBTS)

Advisor Resource Council purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 13,627 shares of the company’s stock, valued at approximately $100,000.

Other large investors have also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC bought a new position in shares of D-Wave Quantum in the first quarter valued at about $167,000. Sowell Financial Services LLC bought a new position in shares of D-Wave Quantum in the first quarter valued at about $96,000. Brown Miller Wealth Management LLC bought a new position in shares of D-Wave Quantum in the first quarter valued at about $870,000. BayBridge Capital Group LLC bought a new position in shares of D-Wave Quantum in the first quarter valued at about $328,000. Finally, Southland Equity Partners LLC bought a new position in shares of D-Wave Quantum in the first quarter valued at about $155,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

QBTS stock opened at $14.97 on Wednesday. The company has a quick ratio of 20.61, a current ratio of 20.73 and a debt-to-equity ratio of 0.15. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $19.77. The firm has a market cap of $4.37 billion, a P/E ratio of -24.94 and a beta of 1.49. The company’s 50-day moving average price is $12.73 and its two-hundred day moving average price is $8.87.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating 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 firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. On average, analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rohit Ghai sold 43,517 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $16.80, for a total value of $731,085.60. Following the sale, the director now directly owns 57,778 shares in the company, valued at approximately $970,670.40. This trade represents a 42.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 845,813 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $17.00, for a total transaction of $14,378,821.00. Following the completion of the sale, the chief executive officer now owns 2,866,412 shares in the company, valued at approximately $48,729,004. The trade was a 22.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,636,796 shares of company stock worth $27,872,091. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

QBTS has been the topic of several research analyst reports. Roth Mkm increased their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Benchmark reissued a “buy” rating and issued a $20.00 price objective (up from $14.00) on shares of D-Wave Quantum in a research report on Tuesday, June 17th. Roth Capital reissued a “buy” rating on shares of D-Wave Quantum in a research report on Friday, June 13th. Williams Trading set a $20.00 price target on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Finally, B. Riley reaffirmed a “buy” rating and set a $20.00 price target (up from $13.00) on shares of D-Wave Quantum in a research report on Wednesday, June 18th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus target price of $13.57.

About D-Wave Quantum

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.