Flynn Zito Capital Management LLC Sells 98,600 Shares of D-Wave Quantum Inc. $QBTS

Flynn Zito Capital Management LLC cut its position in D-Wave Quantum Inc. (NYSE:QBTS) by 71.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,000 shares of the company’s stock after selling 98,600 shares during the quarter. Flynn Zito Capital Management LLC’s holdings in D-Wave Quantum were worth $1,046,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Ancora Advisors LLC acquired a new position in shares of D-Wave Quantum during the third quarter valued at about $30,000. Valley National Advisers Inc. increased its holdings in shares of D-Wave Quantum by 222.2% during the fourth quarter. Valley National Advisers Inc. now owns 1,595 shares of the company’s stock valued at $41,000 after acquiring an additional 1,100 shares in the last quarter. Kelleher Financial Advisors acquired a new position in shares of D-Wave Quantum during the third quarter valued at about $40,000. Tucker Asset Management LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $47,000. Finally, Larson Financial Group LLC increased its holdings in shares of D-Wave Quantum by 1,754.0% during the third quarter. Larson Financial Group LLC now owns 1,854 shares of the company’s stock valued at $46,000 after acquiring an additional 1,754 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

Shares of NYSE QBTS opened at $19.01 on Tuesday. The business’s 50 day moving average price is $18.06 and its 200 day moving average price is $22.47. The firm has a market cap of $7.03 billion, a P/E ratio of -16.82 and a beta of 1.95. D-Wave Quantum Inc. has a 52 week low of $11.89 and a 52 week high of $46.75. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Tuesday, May 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm had revenue of $2.86 million for the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.D-Wave Quantum’s revenue for the quarter was down 80.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. On average, sell-side analysts expect that D-Wave Quantum Inc. will post -0.44 earnings per share for the current year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $18.01, for a total value of $144,080.00. Following the sale, the director owned 19,803 shares in the company, valued at approximately $356,652.03. This represents a 28.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 10,706 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total value of $188,746.78. Following the completion of the sale, the chief financial officer owned 1,451,427 shares in the company, valued at approximately $25,588,658.01. This represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,776 shares of company stock worth $574,571 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Rosenblatt Securities restated a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Benchmark restated a “buy” rating and set a $35.00 price objective on shares of D-Wave Quantum in a report on Friday, January 23rd. Roth Mkm cut their price objective on shares of D-Wave Quantum from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $40.00 price objective on shares of D-Wave Quantum in a report on Wednesday, May 13th. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Moderate Buy” and an average price target of $34.67.

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.