McGuire Investment Group LLC Buys 28,968 Shares of D-Wave Quantum Inc. $QBTS

McGuire Investment Group LLC lifted its stake in D-Wave Quantum Inc. (NYSE:QBTS) by 7.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 395,778 shares of the company’s stock after acquiring an additional 28,968 shares during the period. McGuire Investment Group LLC’s holdings in D-Wave Quantum were worth $9,780,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fountainhead AM LLC bought a new stake in D-Wave Quantum during the third quarter worth approximately $280,000. Wealth Management Partners LLC boosted its holdings in shares of D-Wave Quantum by 103.2% during the 3rd quarter. Wealth Management Partners LLC now owns 33,338 shares of the company’s stock worth $824,000 after buying an additional 16,933 shares during the period. Eagle Strategies LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at $1,099,000. Ascent Wealth Partners LLC raised its holdings in D-Wave Quantum by 23.0% in the 3rd quarter. Ascent Wealth Partners LLC now owns 15,427 shares of the company’s stock worth $381,000 after acquiring an additional 2,880 shares during the period. Finally, UNICOM Systems Inc. lifted its position in D-Wave Quantum by 12.1% during the 3rd quarter. UNICOM Systems Inc. now owns 3,121,346 shares of the company’s stock worth $77,128,000 after acquiring an additional 337,838 shares during the last quarter. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on QBTS. Evercore ISI initiated coverage on D-Wave Quantum in a research report on Wednesday, December 3rd. They issued an “outperform” rating and a $44.00 price target on the stock. Canaccord Genuity Group raised their target price on D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a report on Friday, November 7th. Rosenblatt Securities upped their price target on D-Wave Quantum from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Wall Street Zen cut shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus target price of $33.67.

Insiders Place Their Bets

In other news, Director John D. Dilullo sold 8,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $27.36, for a total value of $218,880.00. Following the completion of the transaction, the director directly owned 27,803 shares of the company’s stock, valued at approximately $760,690.08. This represents a 22.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kirstjen Nielsen sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total value of $158,340.00. Following the transaction, the director owned 112,673 shares of the company’s stock, valued at $2,548,663.26. This trade represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,342,087 shares of company stock valued at $66,073,024 over the last 90 days. Company insiders own 3.20% of the company’s stock.

D-Wave Quantum Stock Performance

QBTS opened at $28.08 on Friday. The stock has a market cap of $9.83 billion, a PE ratio of -20.80 and a beta of 1.57. D-Wave Quantum Inc. has a 1 year low of $3.74 and a 1 year high of $46.75. The stock’s 50 day simple moving average is $26.84 and its 200-day simple moving average is $23.07. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The firm had revenue of $3.74 million for the quarter, compared to the consensus estimate of $3.03 million. The business’s quarterly revenue was up 105.6% compared to the same quarter last year. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

About D-Wave Quantum

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.