Raymond James Financial Inc. Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Raymond James Financial Inc. acquired a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 248,473 shares of the company's stock, valued at approximately $2,087,000. Raymond James Financial Inc. owned about 0.09% of D-Wave Quantum at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in QBTS. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 645,039 shares during the last quarter. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the fourth quarter valued at approximately $20,258,000. State Street Corp increased its position in shares of 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 purchasing an additional 17,225 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in D-Wave Quantum by 40.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company's stock valued at $2,699,000 after buying an additional 91,721 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in D-Wave Quantum by 40.9% in the fourth quarter. Bank of New York Mellon Corp now owns 219,620 shares of the company's stock worth $1,845,000 after acquiring an additional 63,799 shares in the last quarter. Institutional investors own 42.47% of the company's stock.

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D-Wave Quantum Stock Down 2.3 %

Shares of QBTS stock traded down $0.18 during mid-day trading on Tuesday, hitting $7.43. 48,226,043 shares of the stock were exchanged, compared to its average volume of 32,086,680. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $11.95. The company has a market cap of $2.16 billion, a PE ratio of -17.68 and a beta of 1.12. The firm has a fifty day moving average of $6.67 and a 200 day moving average of $4.53.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. Equities analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised 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. B. Riley upped their price objective 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. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. 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 Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of "Buy" and an average price target of $8.42.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 30,000,000 shares of the company's stock, valued at $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,071,206 shares of company stock worth $46,758,181. Company insiders own 7.22% of the company's stock.

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.