Intech Investment Management LLC Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

Intech Investment Management LLC bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 56,345 shares of the company’s stock, valued at approximately $473,000.

Several other hedge funds and other institutional investors have also bought and sold shares of QBTS. Steward Partners Investment Advisory LLC raised its position in shares of D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after acquiring an additional 3,660 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $38,000. Kingsview Wealth Management LLC bought a new stake in D-Wave Quantum in the fourth quarter worth approximately $84,000. Victory Capital Management Inc. lifted its stake in D-Wave Quantum by 55.1% in the fourth quarter. Victory Capital Management Inc. now owns 29,399 shares of the company’s stock valued at $247,000 after buying an additional 10,444 shares during the period. Finally, Spire Wealth Management acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $90,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on QBTS shares. Needham & Company LLC reiterated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm raised 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 upped 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. Finally, B. Riley raised their price objective on D-Wave Quantum from $11.00 to $12.00 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.com, the company has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Performance

Shares of NYSE QBTS opened at $8.72 on Tuesday. The stock 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 fifty-two week low of $0.75 and a fifty-two week high of $11.95. The firm’s 50-day simple moving average is $6.40 and its 200 day simple moving average is $4.28.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. On average, sell-side analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of the 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 directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares in the company, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is owned by company insiders.

D-Wave Quantum Company 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.