D-Wave Quantum Inc. (NYSE:QBTS) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 40.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 219,620 shares of the company’s stock after buying an additional 63,799 shares during the quarter. Bank of New York Mellon Corp’s holdings in D-Wave Quantum were worth $1,845,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Kingsview Wealth Management LLC bought a new stake in shares of D-Wave Quantum during the 4th quarter worth $84,000. Spire Wealth Management purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $90,000. Vontobel Holding Ltd. purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $105,000. Truist Financial Corp purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $108,000. Finally, Sonora Investment Management Group LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter valued at $135,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Down 3.6 %

Shares of D-Wave Quantum stock opened at $8.37 on Friday. The stock has a 50-day moving average price of $6.31 and a 200 day moving average price of $4.20. The company has a market cap of $2.25 billion, a P/E ratio of -19.94 and a beta of 1.12. D-Wave Quantum Inc. has a 1 year low of $0.75 and a 1 year high of $11.95.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.23 million. On average, equities analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock valued at $46,758,181 in the last three months. Corporate insiders own 7.22% of the company’s stock.

D-Wave Quantum Company 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.