Focus Partners Wealth Invests $193,000 in D-Wave Quantum Inc. (NYSE:QBTS)

Focus Partners Wealth purchased a new position in D-Wave Quantum Inc. (NYSE:QBTS) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 23,025 shares of the company’s stock, valued at approximately $193,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum during the fourth quarter worth about $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum during the fourth quarter worth about $67,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum during the fourth quarter worth about $84,000. Summit Investment Advisors Inc. lifted its holdings in D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Spire Wealth Management bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $90,000. 42.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 400,000 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,577,944 shares of the company’s stock, valued at approximately $27,298,431.20. This trade represents a 20.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Roger Biscay sold 15,675 shares of D-Wave Quantum stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total value of $259,891.50. Following the completion of the transaction, the director now directly owns 203,147 shares of the company’s stock, valued at approximately $3,368,177.26. This trade represents a 7.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,358,009 shares of company stock valued at $23,282,578 in the last three months. Insiders own 7.22% of the company’s stock.

D-Wave Quantum Price Performance

NYSE QBTS opened at $18.76 on Friday. The business has a fifty day moving average price of $8.76 and a two-hundred day moving average price of $6.66. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $19.77. The stock has a market capitalization of $5.46 billion, a PE ratio of -44.65 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, March 14th. B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC upped their target price on D-Wave Quantum from $8.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, Benchmark boosted their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $10.17.

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.