Clear Street Group Inc. Invests $75.34 Million in D-Wave Quantum Inc. $QBTS

Clear Street Group Inc. purchased a new position in D-Wave Quantum Inc. (NYSE:QBTS) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,049,148 shares of the company’s stock, valued at approximately $75,344,000. D-Wave Quantum makes up about 0.3% of Clear Street Group Inc.’s portfolio, making the stock its 22nd biggest holding. Clear Street Group Inc. owned approximately 0.87% of D-Wave Quantum as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of QBTS. Vanguard Group Inc. increased its holdings in D-Wave Quantum by 41.2% during the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company’s stock worth $950,220,000 after purchasing an additional 11,218,255 shares during the last quarter. UBS Group AG raised its position in shares of D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after purchasing an additional 10,205,427 shares in the last quarter. State Street Corp boosted its stake in shares of D-Wave Quantum by 41.3% during the 2nd quarter. State Street Corp now owns 6,648,395 shares of the company’s stock valued at $97,333,000 after buying an additional 1,941,762 shares during the last quarter. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 41.6% during the second quarter. Geode Capital Management LLC now owns 6,411,558 shares of the company’s stock worth $93,877,000 after buying an additional 1,883,109 shares in the last quarter. Finally, Marex Group plc bought a new stake in shares of D-Wave Quantum in the second quarter worth $80,070,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insider Buying and Selling

In related news, Director Rohit Ghai sold 10,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the transaction, the director directly owned 37,778 shares in the company, valued at $917,249.84. This represents a 20.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction 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 completion of the sale, the director directly owned 19,803 shares in the company, valued at $356,652.03. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 967,466 shares of company stock worth $28,820,666. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on QBTS. Jefferies Financial Group started coverage on shares of D-Wave Quantum in a report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Wedbush initiated coverage on shares of D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price target on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Finally, Mizuho decreased their price target on D-Wave Quantum from $46.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Fourteen analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

D-Wave Quantum Stock Down 1.5%

Shares of NYSE:QBTS opened at $17.56 on Friday. The company’s fifty day moving average is $22.46 and its two-hundred day moving average is $25.11. The company has a debt-to-equity ratio of 0.04, a quick ratio of 42.25 and a current ratio of 42.38. D-Wave Quantum Inc. has a 1-year low of $5.77 and a 1-year high of $46.75. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of -15.96 and a beta of 1.61.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.04). D-Wave Quantum had a negative net margin of 1,444.10% and a negative return on equity of 58.58%. The business had revenue of $2.75 million for the quarter, compared to the consensus estimate of $3.74 million. The firm’s revenue was up 21.7% on a year-over-year basis. Equities analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

D-Wave Quantum Company 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.