Sanctuary Advisors LLC Buys New Position in D-Wave Quantum Inc. $QBTS

Sanctuary Advisors LLC purchased a new position in shares of D-Wave Quantum Inc. (NASDAQ:QBTS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 49,067 shares of the company’s stock, valued at approximately $1,177,000.

Other institutional investors also recently added to or reduced their stakes in the company. Root Financial Partners LLC boosted its holdings in shares of D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after acquiring an additional 776 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC increased its holdings in shares of D-Wave Quantum by 267.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock valued at $30,000 after acquiring an additional 838 shares during the period. Mcguire Capital Advisors Inc. purchased a new stake in D-Wave Quantum in the 4th quarter valued at $31,000. Finally, Ancora Advisors LLC purchased a new stake in D-Wave Quantum in the 3rd quarter valued at $30,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Analyst Ratings Changes

QBTS has been the topic of several research reports. Jefferies Financial Group set a $40.00 price objective on shares of D-Wave Quantum in a research report on Friday, August 7th. Stifel Nicolaus set a $35.00 target price on shares of D-Wave Quantum in a research note on Tuesday, June 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 target price on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Needham & Company LLC reissued a “buy” rating and set a $40.00 price target on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Finally, B. Riley Financial boosted their price target on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum Stock Up 2.2%

Shares of D-Wave Quantum stock opened at $17.90 on Friday. D-Wave Quantum Inc. has a one year low of $12.75 and a one year high of $46.75. The company has a market cap of $6.62 billion, a P/E ratio of -25.21 and a beta of 2.15. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The firm has a fifty day moving average of $20.13 and a two-hundred day moving average of $20.19.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company’s revenue for the quarter was down 0.6 on a year-over-year basis. During the same period in the prior year, the company earned ($0.08) earnings per share. On average, analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Insider Activity

In related news, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the sale, the director owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. The trade was a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 3,070 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $16.95, for a total transaction of $52,036.50. Following the transaction, the vice president owned 589,009 shares in the company, valued at $9,983,702.55. The trade was a 0.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,012,065 shares of company stock valued at $26,245,703 in the last quarter. Insiders own 1.30% of the company’s stock.

D-Wave Quantum Profile

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.