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

Avantax Advisory Services Inc. bought a new stake in D-Wave Quantum Inc. (NYSE:QBTS) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 80,735 shares of the company’s stock, valued at approximately $678,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the fourth quarter worth about $20,258,000. Penserra Capital Management LLC increased its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 worth $2,513,000 after buying an additional 645,039 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in D-Wave Quantum during the fourth quarter worth about $2,087,000. Finally, SBI Securities Co. Ltd. purchased a new stake in D-Wave Quantum during the fourth quarter worth about $1,653,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Down 3.6 %

Shares of NYSE:QBTS opened at $8.37 on Friday. The firm has a market capitalization of $2.25 billion, a PE ratio of -19.94 and a beta of 1.12. D-Wave Quantum Inc. has a twelve month low of $0.75 and a twelve month high of $11.95. The company has a 50-day moving average price of $6.31 and a two-hundred day moving average price of $4.17.

D-Wave Quantum (NYSE:QBTS) 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 company had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. 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 related news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Corporate insiders own 7.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QBTS. B. Riley raised their price objective on shares of D-Wave Quantum from $11.00 to $12.00 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 Friday, March 14th. Roth Mkm increased their target price 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. Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Benchmark reiterated a “buy” rating and set a $8.00 target price 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, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $8.42.

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.