Avantax Advisory Services Inc. Makes New Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Avantax Advisory Services Inc. bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 80,735 shares of the company’s stock, valued at approximately $678,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Hollencrest Capital Management bought a new stake in D-Wave Quantum during the 4th quarter worth approximately $118,000. Prosperity Wealth Management Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $450,000. Citizens Financial Group Inc. RI bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $658,000. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $38,000. Finally, Raymond James Financial Inc. bought a new stake in shares of D-Wave Quantum in the 4th quarter valued at $2,087,000. 42.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

QBTS has been the topic of a number of analyst reports. Roth Mkm upped their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley upped their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Stock Down 3.6 %

Shares of NYSE QBTS opened at $8.37 on Friday. The firm has a market cap of $2.25 billion, a PE ratio of -19.94 and a beta of 1.12. D-Wave Quantum Inc. has a 12-month low of $0.75 and a 12-month high of $11.95. The company’s fifty day simple moving average is $6.31 and its 200 day simple moving average is $4.17.

D-Wave Quantum (NYSE:QBTS) last issued its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. On average, equities analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company’s stock.

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.