Commonwealth Equity Services LLC Purchases 209,000 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Commonwealth Equity Services LLC grew its position in D-Wave Quantum Inc. (NYSE:QBTS) by 1,097.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 228,047 shares of the company’s stock after purchasing an additional 209,000 shares during the period. Commonwealth Equity Services LLC’s holdings in D-Wave Quantum were worth $1,916,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC increased its position in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of D-Wave Quantum by 40.9% in the 4th quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company’s stock valued at $1,845,000 after purchasing an additional 63,799 shares during the period. Silverleafe Capital Partners LLC bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $820,000. Truist Financial Corp acquired a new position in shares of D-Wave Quantum during the fourth quarter worth about $108,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in shares of D-Wave Quantum during the fourth quarter worth about $488,000. 42.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were 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 in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 over the last ninety days. 7.22% of the stock is currently owned by company insiders.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $7.58 on Friday. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $11.95. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of -18.04 and a beta of 1.12. The firm’s 50-day moving average is $6.62 and its 200-day moving average is $4.43.

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

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.