Franklin Resources Inc. Makes New Investment in D-Wave Quantum Inc. $QBTS

Franklin Resources Inc. acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS) in the 2nd quarter, HoldingsChannel reports. The fund acquired 102,912 shares of the company’s stock, valued at approximately $1,507,000.

Other large investors also recently bought and sold shares of the company. Reyes Financial Architecture Inc. acquired a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $29,000. Atlantic Union Bankshares Corp purchased a new stake in D-Wave Quantum during the second quarter worth $29,000. Parallel Advisors LLC grew its position in D-Wave Quantum by 227.3% during the second quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock valued at $32,000 after buying an additional 1,532 shares during the period. Gables Capital Management Inc. acquired a new stake in D-Wave Quantum during the second quarter valued at $37,000. Finally, Huntington National Bank purchased a new position in D-Wave Quantum in the second quarter valued at $41,000. 42.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QBTS. Wall Street Zen upgraded D-Wave Quantum from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Evercore ISI initiated coverage on D-Wave Quantum in a report on Wednesday. They issued an “outperform” rating and a $44.00 price objective on the stock. Williams Trading set a $35.00 target price on D-Wave Quantum in a research note on Monday, November 10th. B. Riley increased their target price on D-Wave Quantum from $22.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Finally, Piper Sandler boosted their price target on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Twelve equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, D-Wave Quantum has an average rating of “Moderate Buy” and an average target price of $29.85.

D-Wave Quantum Stock Up 14.2%

Shares of QBTS opened at $28.63 on Friday. The stock has a 50 day moving average price of $29.60 and a 200 day moving average price of $21.57. D-Wave Quantum Inc. has a one year low of $2.88 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 $10.02 billion, a price-to-earnings ratio of -21.21 and a beta of 1.57.

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, topping the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company had revenue of $3.74 million for the quarter, compared to analysts’ expectations of $3.03 million. The business’s revenue for the quarter was up 105.6% on a year-over-year basis. Equities research analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 806,288 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total value of $23,277,534.56. Following the completion of the sale, the chief executive officer owned 2,801,265 shares in the company, valued at approximately $80,872,520.55. This represents a 22.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.93, for a total transaction of $143,440.00. Following the completion of the transaction, the director directly owned 36,295 shares in the company, valued at $650,769.35. This trade represents a 18.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,379,813 shares of company stock valued at $36,891,986. Insiders own 3.20% of the company’s stock.

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.