Fort Washington Investment Advisors Inc. OH Acquires New Stake in D-Wave Quantum Inc. $QBTS

Fort Washington Investment Advisors Inc. OH bought a new position in D-Wave Quantum Inc. (NYSE:QBTS) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 52,262 shares of the company’s stock, valued at approximately $754,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Huntington National Bank lifted its holdings in shares of D-Wave Quantum by 17.9% in the third quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after purchasing an additional 500 shares in the last quarter. Sigma Planning Corp boosted its position in shares of D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after buying an additional 560 shares during the period. AlphaStar Capital Management LLC grew its holdings in shares of D-Wave Quantum by 2.2% during the fourth quarter. AlphaStar Capital Management LLC now owns 27,063 shares of the company’s stock worth $708,000 after buying an additional 592 shares in the last quarter. Noble Wealth Management PBC grew its holdings in shares of D-Wave Quantum by 6.7% during the fourth quarter. Noble Wealth Management PBC now owns 9,600 shares of the company’s stock worth $251,000 after buying an additional 600 shares in the last quarter. Finally, Thoroughbred Financial Services LLC raised its position in D-Wave Quantum by 0.5% in the 4th quarter. Thoroughbred Financial Services LLC now owns 131,852 shares of the company’s stock valued at $3,447,000 after buying an additional 602 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on QBTS shares. Canaccord Genuity Group cut their target price on D-Wave Quantum from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price target on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “buy” rating on shares of D-Wave Quantum in a report on Tuesday, May 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Finally, Zacks Research raised shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Fourteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.80.

Insider Buying and Selling

In related news, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer directly owned 1,142,820 shares in the company, valued at approximately $29,381,902.20. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Sophie C. Ames sold 23,025 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $18.98, for a total transaction of $437,014.50. Following the sale, the vice president directly owned 596,803 shares in the company, valued at $11,327,320.94. This trade represents a 3.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,363,842 shares of company stock worth $35,802,656 in the last quarter. 1.30% of the stock is owned by company insiders.

D-Wave Quantum Stock Performance

QBTS opened at $23.84 on Tuesday. The business’s 50-day simple moving average is $23.51 and its 200 day simple moving average is $22.21. D-Wave Quantum Inc. has a 52-week low of $12.75 and a 52-week high of $46.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The firm has a market capitalization of $8.82 billion, a PE ratio of -21.10 and a beta of 2.05.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $2.86 million during the quarter, compared to the consensus estimate of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business’s revenue was down 80.9% compared to the same quarter last year. During the same period last year, the company earned ($0.02) earnings per share. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.43 earnings per share for the current fiscal year.

About D-Wave Quantum

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.