D-Wave Quantum Inc. $QBTS Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System boosted its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 26.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 407,235 shares of the company’s stock after buying an additional 86,267 shares during the quarter. California State Teachers Retirement System’s holdings in D-Wave Quantum were worth $5,876,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Root Financial Partners LLC increased its stake in shares of D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock worth $26,000 after acquiring an additional 776 shares during the period. Parallel Advisors LLC lifted its position in D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at $28,000. PeakShares LLC acquired a new stake in D-Wave Quantum during the 1st quarter worth about $29,000. Finally, EverSource Wealth Advisors LLC grew its position in D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after purchasing an additional 838 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on QBTS. Benchmark began coverage on D-Wave Quantum in a report on Monday, July 27th. They issued a “buy” rating and a $30.00 price objective for the company. B. Riley Financial lifted their price target on D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, July 28th. Finally, Mizuho boosted their target price on shares of D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.80.

D-Wave Quantum Trading Down 2.0%

Shares of QBTS stock opened at $21.39 on Thursday. The stock’s fifty day moving average is $22.13 and its two-hundred day moving average is $20.65. The company has a debt-to-equity ratio of 0.03, a quick ratio of 21.31 and a current ratio of 21.41. The firm has a market capitalization of $7.91 billion, a P/E ratio of -18.93 and a beta of 2.11. D-Wave Quantum Inc. has a fifty-two week low of $12.75 and a fifty-two week high of $46.75.

D-Wave Quantum (NYSE:QBTS) last released its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. D-Wave Quantum had a negative net margin of 2,957.23% and a negative return on equity of 44.06%. The company’s revenue for the quarter was down 80.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. Research analysts expect that D-Wave Quantum Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $24.43, for a total transaction of $191,775.50. Following the transaction, the director directly owned 21,310 shares in the company, valued at $520,603.30. The trade was a 26.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $26.13, for a total value of $17,967,693.51. Following the completion of the sale, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. This trade represents a 17.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,363,842 shares of company stock valued at $35,789,148 in the last ninety days. 1.30% 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.