Clear Street Group Inc. Makes New Investment in D-Wave Quantum Inc. $QBTS

Clear Street Group Inc. purchased a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 3,049,148 shares of the company’s stock, valued at approximately $75,344,000. D-Wave Quantum accounts for 0.3% of Clear Street Group Inc.’s holdings, making the stock its 22nd biggest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock valued at $950,220,000 after buying an additional 11,218,255 shares in the last quarter. UBS Group AG raised its position in shares of D-Wave Quantum by 541.6% during the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock worth $298,737,000 after buying an additional 10,205,427 shares in the last quarter. State Street Corp raised its position in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock worth $97,333,000 after buying an additional 1,941,762 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of D-Wave Quantum by 41.6% in the 2nd quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock worth $93,877,000 after acquiring an additional 1,883,109 shares during the period. Finally, Marex Group plc bought a new position in shares of D-Wave Quantum in the second quarter valued at approximately $80,070,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Stock Down 1.5%

Shares of D-Wave Quantum stock opened at $17.56 on Friday. D-Wave Quantum Inc. has a 12-month low of $5.77 and a 12-month high of $46.75. The firm has a market capitalization of $6.49 billion, a PE ratio of -15.96 and a beta of 1.61. The company has a quick ratio of 42.25, a current ratio of 42.38 and a debt-to-equity ratio of 0.04. The stock’s fifty day moving average is $22.46 and its 200-day moving average is $25.11.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative return on equity of 58.58% and a negative net margin of 1,444.10%.The company had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $3.74 million. D-Wave Quantum’s quarterly revenue was up 21.7% on a year-over-year basis. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity

In other news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total value of $242,800.00. Following the completion of the sale, the director owned 37,778 shares in the company, valued at $917,249.84. This represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $982,464.78. Following the transaction, the chief executive officer owned 2,598,150 shares in the company, valued at $72,904,089. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 967,466 shares of company stock worth $28,820,666 in the last quarter. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Benchmark reissued a “buy” rating and set a $35.00 target price on shares of D-Wave Quantum in a report on Friday, January 23rd. TD Cowen started coverage on D-Wave Quantum in a research note on Thursday, February 12th. They set a “buy” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Roth Mkm cut their price objective on D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, Canaccord Genuity Group set a $43.00 target price on D-Wave Quantum in a research note on Thursday, January 29th. Fourteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.50.

D-Wave Quantum Company Profile

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.