Legal & General Group Plc Makes New $6.73 Million Investment in D-Wave Quantum Inc. $QBTS

Legal & General Group Plc purchased a new stake in shares of D-Wave Quantum Inc. (NASDAQ:QBTS) in the 2nd quarter, Holdings Channel reports. The fund purchased 280,646 shares of the company’s stock, valued at approximately $6,733,000.

A number of other large investors have also recently modified their holdings of QBTS. Fiduciary Financial Advisors bought a new position in D-Wave Quantum in the second quarter worth approximately $25,000. Root Financial Partners LLC raised its position in D-Wave Quantum by 388.0% during the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of D-Wave Quantum by 545.5% in the 1st quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock worth $26,000 after buying an additional 1,511 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of D-Wave Quantum in the 4th quarter worth $28,000. Finally, PeakShares LLC bought a new position in shares of D-Wave Quantum during the 1st quarter worth $29,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insider Transactions at D-Wave Quantum

In related news, Director Rohit Ghai sold 13,518 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, the director owned 23,617 shares in the company, valued at $623,724.97. The trade was a 36.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the transaction, the chief financial officer owned 1,142,820 shares of the company’s stock, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 1,009,157 shares of company stock worth $26,155,555. 1.30% of the stock is owned by corporate insiders.

D-Wave Quantum Price Performance

Shares of QBTS stock opened at $16.49 on Thursday. The stock’s 50-day moving average is $19.54 and its 200 day moving average is $20.10. D-Wave Quantum Inc. has a 1-year low of $12.75 and a 1-year high of $46.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The company has a market cap of $6.10 billion, a P/E ratio of -23.23 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS) last announced its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $3.08 million during the quarter, compared to the consensus estimate 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 business’s revenue for the quarter was down 0.6 compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. Research analysts predict that D-Wave Quantum Inc. will post -0.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on QBTS. Benchmark initiated coverage on D-Wave Quantum in a research note on Monday, July 27th. They set a “buy” rating and a $30.00 price target on the stock. BMO Capital Markets started coverage on shares of D-Wave Quantum in a research note on Thursday, August 20th. They issued an “outperform” rating and a $35.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $40.00 target price on shares of D-Wave Quantum in a report on Tuesday, June 2nd. Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price target on shares of D-Wave Quantum in a report on Wednesday, May 13th. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

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.