Caitong International Asset Management Co. Ltd Sells 109,345 Shares of D-Wave Quantum Inc. $QBTS

Caitong International Asset Management Co. Ltd cut its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 84.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,441 shares of the company’s stock after selling 109,345 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in D-Wave Quantum were worth $299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of QBTS. Reyes Financial Architecture Inc. bought a new position in D-Wave Quantum in the 2nd quarter worth approximately $29,000. Parallel Advisors LLC lifted its stake in D-Wave Quantum by 227.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,206 shares of the company’s stock worth $32,000 after purchasing an additional 1,532 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in D-Wave Quantum in the 2nd quarter worth approximately $37,000. Russell Investments Group Ltd. lifted its stake in D-Wave Quantum by 133.9% in the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company’s stock worth $42,000 after purchasing an additional 3,165 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in D-Wave Quantum by 106.1% in the 1st quarter. Signaturefd LLC now owns 5,771 shares of the company’s stock worth $44,000 after purchasing an additional 2,971 shares in the last quarter. 42.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of D-Wave Quantum in a research note on Wednesday, July 23rd. They issued a “buy” rating and a $20.00 target price on the stock. Stifel Nicolaus assumed coverage on shares of D-Wave Quantum in a research note on Tuesday, August 5th. They issued a “buy” rating and a $26.00 target price on the stock. Benchmark reiterated a “buy” rating and issued a $20.00 target price on shares of D-Wave Quantum in a research note on Monday, August 4th. Needham & Company LLC reiterated a “buy” rating on shares of D-Wave Quantum in a research note on Monday, August 4th. Finally, Piper Sandler increased their target price on shares of D-Wave Quantum from $13.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.27.

Insider Activity at D-Wave Quantum

In other news, Director John D. Dilullo sold 8,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $143,440.00. Following the sale, the director owned 36,295 shares in the company, valued at approximately $650,769.35. This trade represents a 18.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.93, for a total transaction of $179,300.00. Following the sale, the director owned 47,778 shares in the company, valued at approximately $856,659.54. This trade represents a 17.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 207,363 shares of company stock worth $4,659,478. Corporate insiders own 3.20% of the company’s stock.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $31.12 on Friday. The firm’s fifty day moving average price is $24.36 and its 200-day moving average price is $17.51. The company has a debt-to-equity ratio of 0.05, a quick ratio of 42.86 and a current ratio of 42.99. The stock has a market cap of $10.64 billion, a P/E ratio of -29.64 and a beta of 1.49. D-Wave Quantum Inc. has a fifty-two week low of $0.98 and a fifty-two week high of $46.75.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $3.10 million for the quarter, compared to analysts’ expectations of $2.55 million. D-Wave Quantum had a negative net margin of 1,263.92% and a negative return on equity of 118.87%. The business’s quarterly revenue was up 40.9% on a year-over-year basis. On average, equities research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

About D-Wave Quantum

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.