179,690 Shares in D-Wave Quantum Inc. $QBTS Acquired by Castleark Management LLC

Castleark Management LLC acquired a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 179,690 shares of the company’s stock, valued at approximately $4,311,000.

Several other large investors also recently bought and sold shares of QBTS. BlackRock Inc. acquired a new position in D-Wave Quantum in the 2nd quarter worth $795,206,000. UBS Group AG grew its stake in shares of D-Wave Quantum by 541.6% during the third quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after acquiring an additional 10,205,427 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of D-Wave Quantum by 136,842.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company’s stock valued at $83,546,000 after acquiring an additional 3,192,533 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of D-Wave Quantum by 311.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,548,013 shares of the company’s stock worth $92,781,000 after acquiring an additional 2,685,980 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of D-Wave Quantum during the second quarter worth about $54,951,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QBTS. Weiss Ratings downgraded D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Stifel Nicolaus set a $35.00 price objective on D-Wave Quantum in a report on Tuesday, June 2nd. Jefferies Financial Group set a $40.00 target price on D-Wave Quantum in a research report on Friday, August 7th. Mizuho increased their target price on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Finally, Canaccord Genuity Group set a $35.00 price target on shares of D-Wave Quantum in a research report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total transaction of $191,775.50. Following the completion of the sale, the director owned 21,310 shares in the company, valued at $520,603.30. The trade was a 26.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rohit Ghai sold 13,518 shares of D-Wave Quantum stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the transaction, the director directly owned 23,617 shares of the company’s stock, valued at $623,724.97. This trade represents a 36.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,012,065 shares of company stock valued at $26,245,703 over the last quarter. Insiders own 1.30% of the company’s stock.

D-Wave Quantum Stock Up 3.6%

NASDAQ:QBTS opened at $19.35 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of -27.25 and a beta of 2.15. D-Wave Quantum Inc. has a one year low of $12.75 and a one year high of $46.75. The stock has a 50-day simple moving average of $20.38 and a 200 day simple moving average of $20.21.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $4.03 million. D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The company’s quarterly revenue was down 0.6 compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) EPS. Sell-side analysts predict that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

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.