CIBC Private Wealth Group LLC Sells 1,199,900 Shares of D-Wave Quantum Inc. (NYSE:QBTS)

CIBC Private Wealth Group LLC reduced its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) by 80.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 300,100 shares of the company's stock after selling 1,199,900 shares during the period. CIBC Private Wealth Group LLC owned 0.11% of D-Wave Quantum worth $2,521,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in QBTS. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $67,000. Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $84,000. Spire Wealth Management acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at $90,000. Finally, Prudential Financial Inc. bought a new position in D-Wave Quantum during the fourth quarter worth $95,000. 42.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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D-Wave Quantum Stock Performance

QBTS traded down $0.87 during midday trading on Friday, reaching $6.29. 33,742,395 shares of the company were exchanged, compared to its average volume of 32,699,797. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -14.98 and a beta of 0.88. D-Wave Quantum Inc. has a one year low of $0.75 and a one year high of $11.95. The company's fifty day moving average price is $6.74 and its 200 day moving average price is $4.70.

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 (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. As a group, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. The trade was a 19.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,071,206 shares of company stock valued at $46,758,181 over the last ninety days. Corporate insiders own 7.22% of the company's stock.

D-Wave Quantum 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.