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

Raymond James Financial Inc. acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 248,473 shares of the company’s stock, valued at approximately $2,087,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum in the 4th quarter valued at $84,000. Spire Wealth Management bought a new stake in D-Wave Quantum during the fourth quarter valued at $90,000. Vontobel Holding Ltd. bought a new stake in D-Wave Quantum during the fourth quarter valued at $105,000. Truist Financial Corp purchased a new position in D-Wave Quantum during the fourth quarter worth about $108,000. Finally, Steward Partners Investment Advisory LLC increased its stake in 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 during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction 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 sale, 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 disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock worth $46,758,181 over the last three months. Company insiders own 7.22% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QBTS. B. Riley lifted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Craig Hallum lifted 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. Needham & Company LLC reissued a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Roth Mkm upped 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

Shares of QBTS opened at $7.58 on Monday. The firm has a market cap of $2.21 billion, a P/E ratio of -18.04 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. The stock has a 50 day simple moving average of $6.62 and a two-hundred day simple moving average of $4.48.

D-Wave Quantum (NYSE:QBTS) last announced 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 firm had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. On average, equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

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.