Los Angeles Capital Management LLC Buys New Stake in D-Wave Quantum Inc. $QBTS

Los Angeles Capital Management LLC purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 66,692 shares of the company’s stock, valued at approximately $976,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QBTS. Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 58.5% in the first quarter. Vanguard Group Inc. now owns 11,285,043 shares of the company’s stock worth $85,766,000 after acquiring an additional 4,166,721 shares during the period. Northern Trust Corp increased its stake in shares of D-Wave Quantum by 63.4% in the 1st quarter. Northern Trust Corp now owns 1,597,981 shares of the company’s stock valued at $12,145,000 after purchasing an additional 619,894 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of D-Wave Quantum in the 1st quarter valued at about $8,064,000. Bank of New York Mellon Corp raised its holdings in D-Wave Quantum by 77.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 913,355 shares of the company’s stock worth $13,372,000 after purchasing an additional 399,521 shares during the period. Finally, Headlands Technologies LLC purchased a new position in D-Wave Quantum during the first quarter worth approximately $6,883,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

QBTS opened at $26.25 on Thursday. D-Wave Quantum Inc. has a twelve month low of $1.41 and a twelve month high of $46.75. The firm has a market capitalization of $8.98 billion, a PE ratio of -19.44 and a beta of 1.53. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average price is $28.85 and its 200 day moving average price is $20.09.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating 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 company had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The company’s revenue was up 105.6% on a year-over-year basis. As a group, sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of recent analyst reports. Canaccord Genuity Group boosted their price objective on D-Wave Quantum from $20.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Wall Street Zen raised shares of D-Wave Quantum from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Roth Capital set a $40.00 price target on shares of D-Wave Quantum in a report on Thursday, November 6th. Williams Trading set a $35.00 price objective on shares of D-Wave Quantum in a report on Monday. Finally, Rosenblatt Securities lifted their target price on shares of D-Wave Quantum from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average target price of $28.67.

Insider Buying and Selling

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.93, for a total value of $179,300.00. Following the completion of the sale, the director directly owned 47,778 shares in the company, valued at $856,659.54. This represents a 17.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alan E. Baratz sold 31,369 shares of the firm’s stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $43.74, for a total value of $1,372,080.06. Following the completion of the sale, the chief executive officer directly owned 2,801,265 shares of the company’s stock, valued at $122,527,331.10. This trade represents a 1.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 107,363 shares of company stock worth $2,859,478 in the last three months. Company insiders own 3.20% of the company’s stock.

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.