Charles Schwab Investment Management Inc. Increases Position in D-Wave Quantum Inc. (NYSE:QBTS)

Charles Schwab Investment Management Inc. grew its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 40.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,284 shares of the company’s stock after purchasing an additional 91,721 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in D-Wave Quantum were worth $2,699,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum during the fourth quarter worth approximately $84,000. Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the 4th quarter worth $90,000. Vontobel Holding Ltd. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth $105,000. Truist Financial Corp acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at about $108,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of D-Wave Quantum by 38.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after purchasing an additional 3,660 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Stock Down 2.7 %

NYSE:QBTS opened at $8.05 on Friday. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $11.95. The stock’s fifty day moving average is $6.58 and its two-hundred day moving average is $4.38. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -19.15 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last announced its earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at $122,100,000. The trade was a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,071,206 shares of company stock worth $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Analyst Upgrades and Downgrades

QBTS has been the topic of a number of analyst reports. Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, B. Riley increased their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $8.42.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.