Royal Bank of Canada Reduces Stake in D-Wave Quantum Inc. $QBTS

Royal Bank of Canada lessened its holdings in shares of D-Wave Quantum Inc. (NASDAQ:QBTS) by 19.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 240,749 shares of the company’s stock after selling 59,198 shares during the period. Royal Bank of Canada’s holdings in D-Wave Quantum were worth $3,474,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in QBTS. Baird Financial Group Inc. boosted its holdings in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after buying an additional 1,300 shares in the last quarter. AQR Capital Management LLC lifted its position in D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in D-Wave Quantum by 93.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after acquiring an additional 52,437 shares in the last quarter. NewEdge Advisors LLC boosted its stake in D-Wave Quantum by 125.7% in the first quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after acquiring an additional 24,382 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in shares of D-Wave Quantum during the first quarter worth about $3,013,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at D-Wave Quantum

In other news, Director John D. Dilullo sold 7,850 shares of D-Wave Quantum stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the sale, the director owned 21,310 shares of the company’s stock, valued at $520,603.30. The trade was a 26.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Sophie C. Ames sold 3,070 shares of D-Wave Quantum stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $16.95, for a total value of $52,036.50. Following the completion of the sale, the vice president directly owned 589,009 shares in the company, valued at $9,983,702.55. This represents a 0.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,363,842 shares of company stock valued at $35,789,148. Corporate insiders own 1.30% of the company’s stock.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $21.17 on Friday. The stock’s 50-day moving average price is $21.04 and its 200 day moving average price is $20.37. The company has a quick ratio of 21.31, a current ratio of 20.55 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $7.83 billion, a PE ratio of -29.82 and a beta of 2.15. D-Wave Quantum Inc. has a 52-week low of $12.75 and a 52-week high of $46.75.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. During the same period in the previous year, the business posted ($0.08) earnings per share. The firm’s revenue was down 0.6 compared to the same quarter last year. As a group, equities research analysts forecast that D-Wave Quantum Inc. will post -0.42 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Zacks Research upgraded D-Wave Quantum from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Weiss Ratings downgraded D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a report on Wednesday, May 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $43.00 price target on shares of D-Wave Quantum in a research report on Friday, August 7th. Finally, Canaccord Genuity Group set a $35.00 price target on shares of D-Wave Quantum in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.36.

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.