Jones Financial Companies Lllp Boosts Stock Holdings in D-Wave Quantum Inc. $QBTS

Jones Financial Companies Lllp grew its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 61.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 104,661 shares of the company’s stock after buying an additional 39,751 shares during the quarter. Jones Financial Companies Lllp’s holdings in D-Wave Quantum were worth $2,801,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $29,000. Financial Consulate Inc. bought a new position in shares of D-Wave Quantum in the third quarter worth approximately $31,000. Gables Capital Management Inc. purchased a new position in shares of D-Wave Quantum in the second quarter worth $37,000. Huntington National Bank bought a new stake in D-Wave Quantum during the 2nd quarter valued at $41,000. Finally, GAMMA Investing LLC boosted its position in D-Wave Quantum by 34.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after buying an additional 482 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on QBTS. Wall Street Zen downgraded shares of D-Wave Quantum from a “hold” rating to a “sell” rating in a research note on Saturday. Cantor Fitzgerald increased their price objective on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Wedbush started coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $48.00 price target on shares of D-Wave Quantum in a research note on Thursday, January 29th. Finally, Canaccord Genuity Group set a $43.00 price target on shares of D-Wave Quantum in a report on Thursday, January 29th. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.21.

D-Wave Quantum Stock Performance

Shares of QBTS stock opened at $20.70 on Monday. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of -15.33 and a beta of 1.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. D-Wave Quantum Inc. has a one year low of $4.45 and a one year high of $46.75. The company’s 50-day moving average is $26.18 and its 200 day moving average is $24.82.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. D-Wave Quantum had a negative net margin of 1,651.81% and a negative return on equity of 97.58%. The company had revenue of $3.74 million during the quarter, compared to the consensus estimate of $3.03 million. The business’s revenue for the quarter was up 105.6% compared to the same quarter last year. Sell-side analysts expect that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In related news, CFO John M. Markovich sold 200,000 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $22.94, for a total transaction of $4,588,000.00. Following the sale, the chief financial officer directly owned 1,482,874 shares of the company’s stock, valued at $34,017,129.56. This trade represents a 11.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alan E. Baratz sold 806,288 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $28.87, for a total transaction of $23,277,534.56. Following the sale, the chief executive officer directly owned 2,801,265 shares in the company, valued at approximately $80,872,520.55. The trade was a 22.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,346,916 shares of company stock valued at $65,591,314 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

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.