Avantax Advisory Services Inc. Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Avantax Advisory Services Inc. purchased a new position in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 80,735 shares of the company's stock, valued at approximately $678,000.

A number of other hedge funds also recently bought and sold shares of the business. Penserra Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after purchasing an additional 839,942 shares during the period. State Street Corp boosted its stake in D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company's stock worth $1,986,000 after buying an additional 17,225 shares during the period. Barclays PLC increased its position in D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company's stock valued at $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC increased its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after acquiring an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at $820,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

D-Wave Quantum Trading Up 0.3 %

Shares of QBTS traded up $0.03 during midday trading on Tuesday, reaching $8.75. 74,408,033 shares of the stock were exchanged, compared to its average volume of 31,184,574. The company has a market capitalization of $2.36 billion, a P/E ratio of -20.83 and a beta of 1.12. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $11.95. The company's 50 day moving average is $6.40 and its two-hundred day moving average is $4.28.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling 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 transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the firm's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares of the company's stock, valued at $228,891,144.32. The trade was a 6.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is currently owned by corporate insiders.

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.