Burr Financial Services LLC Purchases New Holdings in D-Wave Quantum Inc. $QBTS

Burr Financial Services LLC acquired a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 382,788 shares of the company’s stock, valued at approximately $6,343,000. D-Wave Quantum comprises approximately 3.9% of Burr Financial Services LLC’s investment portfolio, making the stock its 7th biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fiduciary Financial Advisors purchased a new position in shares of D-Wave Quantum in the second quarter worth about $25,000. Ancora Advisors LLC acquired a new stake in D-Wave Quantum in the 2nd quarter valued at about $39,000. Kelleher Financial Advisors purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $39,000. Parallel Advisors LLC lifted its stake in D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after purchasing an additional 1,511 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of D-Wave Quantum by 428.6% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,850 shares of the company’s stock worth $44,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

Insider Buying and Selling at D-Wave Quantum

In related news, VP Sophie Ames sold 3,070 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the sale, the vice president directly owned 589,009 shares of the company’s stock, valued at $9,983,702.55. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on QBTS. BMO Capital Markets initiated coverage on shares of D-Wave Quantum in a report on Thursday, August 20th. They issued an “outperform” rating and a $35.00 target price on the stock. Roth Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of D-Wave Quantum in a research report on Thursday, August 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a report on Friday, August 7th. Jefferies Financial Group set a $40.00 target price on D-Wave Quantum in a research note on Friday, August 7th. Finally, Zacks Research lowered D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Stock Down 5.4%

Shares of NASDAQ:QBTS traded down $0.82 during trading on Thursday, hitting $14.40. 7,451,400 shares of the company were exchanged, compared to its average volume of 26,580,801. The firm’s 50 day moving average price is $18.01 and its 200-day moving average price is $19.78. D-Wave Quantum Inc. has a 12-month low of $12.75 and a 12-month high of $46.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The stock has a market capitalization of $5.33 billion, a P/E ratio of -20.26 and a beta of 2.18.

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

About D-Wave Quantum

D-Wave Quantum Inc is a quantum-computing company that develops and delivers quantum systems, software and cloud-based services for commercial, government and research customers. The company focuses on quantum annealing, an approach designed to address complex optimization problems, and is also developing gate-model quantum-computing capabilities.

Its offerings include D-Wave quantum computers, the Leap quantum cloud service, and the Ocean software development kit. Through these products, customers can access quantum hardware, build and test applications, and combine quantum processing with classical computing through hybrid solvers.