Axxcess Wealth Management LLC 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 48,190 shares of the company's stock, valued at approximately $405,000.
A number of other hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum during the 4th quarter valued at $38,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at $84,000. Spire Wealth Management bought a new stake in shares of D-Wave Quantum in the 4th quarter worth about $90,000. Vontobel Holding Ltd. purchased a new position in shares of D-Wave Quantum during the 4th quarter worth about $105,000. Finally, Truist Financial Corp bought a new position in D-Wave Quantum during the 4th quarter valued at about $108,000. Hedge funds and other institutional investors own 42.47% of the company's stock.
Insider Buying and Selling at D-Wave Quantum
In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum 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 transaction, the insider now directly owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business's 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 completion of the transaction, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company's stock.
Analysts Set New Price Targets
Several analysts have issued reports on the stock. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Craig Hallum raised their price target on 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 reaffirmed a "buy" rating and issued a $8.50 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Finally, Roth Mkm boosted their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $8.42.
Get Our Latest Stock Report on D-Wave Quantum
D-Wave Quantum Stock Performance
QBTS traded up $0.36 during trading on Monday, hitting $8.72. 94,965,858 shares of the stock were exchanged, compared to its average volume of 31,184,557. The firm has a 50 day simple moving average of $6.40 and a 200 day simple moving average of $4.28. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of -20.75 and a beta of 1.12. D-Wave Quantum Inc. has a 1 year low of $0.75 and a 1 year high of $11.95.
D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its quarterly 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 analysts' expectations of $2.23 million. As a group, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.
D-Wave Quantum Profile
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Free Report)
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.
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