Legal & General Group Plc Makes New $6.73 Million Investment in D-Wave Quantum Inc. $QBTS

Legal & General Group Plc acquired a new stake in shares of D-Wave Quantum Inc. (NASDAQ:QBTS) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 280,646 shares of the company’s stock, valued at approximately $6,733,000. Legal & General Group Plc owned approximately 0.08% of D-Wave Quantum as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QBTS. Fiduciary Financial Advisors purchased a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $25,000. Root Financial Partners LLC boosted its position in shares of D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of D-Wave Quantum by 545.5% in the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in D-Wave Quantum in the fourth quarter worth $28,000. Finally, PeakShares LLC bought a new stake in D-Wave Quantum in the first quarter worth $29,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Stock Down 0.3%

NASDAQ QBTS opened at $16.49 on Thursday. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. D-Wave Quantum Inc. has a 52 week low of $12.75 and a 52 week high of $46.75. The firm has a market capitalization of $6.10 billion, a price-to-earnings ratio of -23.23 and a beta of 2.15. The company has a fifty day moving average of $19.54 and a two-hundred day moving average of $20.10.

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on QBTS shares. Weiss Ratings raised shares of D-Wave Quantum from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 28th. Jefferies Financial Group set a $40.00 target price on shares of D-Wave Quantum in a report on Friday, August 7th. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research report on Tuesday, June 2nd. BMO Capital Markets assumed coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They issued an “outperform” rating and a $35.00 price target for the company. Finally, Wedbush started coverage on D-Wave Quantum in a research report on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price target for the company. Thirteen 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. According to MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average price target of $36.27.

Insider Transactions at D-Wave Quantum

In related news, Director Rohit Ghai sold 13,518 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the sale, the director directly owned 23,617 shares of the company’s stock, valued at approximately $623,724.97. This trade represents a 36.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 on 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 transaction, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,009,157 shares of company stock valued at $26,155,555. Company insiders own 1.30% of the company’s stock.

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.