60,889 Shares in D-Wave Quantum Inc. $QBTS Bought by Cibc World Market Inc.

Cibc World Market Inc. bought a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 60,889 shares of the company’s stock, valued at approximately $1,461,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Baird Financial Group Inc. raised its stake in D-Wave Quantum by 12.0% in the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after buying an additional 1,300 shares in the last quarter. Royal Bank of Canada boosted its position in shares of D-Wave Quantum by 59.8% during the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after acquiring an additional 60,668 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of D-Wave Quantum by 201.0% during the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after acquiring an additional 134,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after acquiring an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after acquiring an additional 24,382 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $24.43, for a total value of $191,775.50. Following the transaction, the director owned 21,310 shares in the company, valued at $520,603.30. The trade was a 26.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the transaction, the chief financial officer owned 1,142,820 shares in the company, valued at $29,381,902.20. This trade represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,012,065 shares of company stock valued at $26,245,703. 1.30% of the stock is owned by insiders.

D-Wave Quantum Stock Up 2.2%

QBTS stock opened at $17.90 on Friday. The company has a market cap of $6.62 billion, a price-to-earnings ratio of -25.21 and a beta of 2.15. The company has a fifty day moving average price of $20.13 and a 200 day moving average price of $20.19. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. D-Wave Quantum Inc. has a 12 month low of $12.75 and a 12 month high of $46.75.

D-Wave Quantum (NASDAQ:QBTS) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) earnings per share. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on QBTS. Stifel Nicolaus set a $35.00 target price on D-Wave Quantum in a research report on Tuesday, June 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Wedbush started coverage on shares of D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target on the stock. Jefferies Financial Group set a $40.00 price target on shares of D-Wave Quantum in a research note on Friday, August 7th. Finally, Wall Street Zen raised shares of D-Wave Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, D-Wave Quantum has an average rating of “Moderate Buy” and a consensus target price of $36.27.

D-Wave Quantum 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.