Orion Portfolio Solutions LLC Sells 7,460 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

Orion Portfolio Solutions LLC trimmed its position in D-Wave Quantum Inc. (NYSE:QBTS) by 40.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,040 shares of the company’s stock after selling 7,460 shares during the period. Orion Portfolio Solutions LLC’s holdings in D-Wave Quantum were worth $93,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the 4th quarter worth approximately $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum during the fourth quarter worth $67,000. Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum in the fourth quarter worth $84,000. Spire Wealth Management acquired a new stake in D-Wave Quantum in the fourth quarter valued at $90,000. Finally, Prudential Financial Inc. bought a new position in D-Wave Quantum during the 4th quarter worth $95,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on QBTS. B. Riley upped their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Roth Mkm boosted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Up 0.6 %

Shares of NYSE QBTS opened at $7.25 on Friday. The firm has a market cap of $2.11 billion, a PE ratio of -17.25 and a beta of 0.88. The company’s fifty day simple moving average is $6.90 and its 200 day simple moving average is $4.93. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $11.95.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,292,642 shares of company stock valued at $29,697,798. Company insiders own 7.22% of the company’s stock.

D-Wave Quantum Company Profile

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.