The Manufacturers Life Insurance Company Acquires New Shares in D-Wave Quantum Inc. $QBTS

The Manufacturers Life Insurance Company acquired a new position in shares of D-Wave Quantum Inc. (NASDAQ:QBTS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 204,727 shares of the company’s stock, valued at approximately $4,911,000. The Manufacturers Life Insurance Company owned about 0.06% of D-Wave Quantum as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of QBTS. World Investment Advisors increased its stake in shares of D-Wave Quantum by 195.7% in the fourth quarter. World Investment Advisors now owns 41,691 shares of the company’s stock valued at $1,090,000 after buying an additional 27,592 shares during the period. Allspring Global Investments Holdings LLC boosted its position in D-Wave Quantum by 319.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 98,747 shares of the company’s stock worth $1,353,000 after buying an additional 75,198 shares during the period. Clear Street Group Inc. grew its holdings in D-Wave Quantum by 40.4% during the 4th quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after acquiring an additional 1,232,106 shares during the last quarter. Cibc World Market Inc. grew its holdings in D-Wave Quantum by 295.0% during the 4th quarter. Cibc World Market Inc. now owns 54,760 shares of the company’s stock worth $1,432,000 after acquiring an additional 40,897 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in D-Wave Quantum by 26.9% in the 4th quarter. Intech Investment Management LLC now owns 112,742 shares of the company’s stock valued at $2,948,000 after acquiring an additional 23,892 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 687,627 shares of D-Wave Quantum stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $26.13, for a total value of $17,967,693.51. Following the completion of the transaction, the chief executive officer directly owned 3,299,771 shares of the company’s stock, valued at approximately $86,223,016.23. This trade represents a 17.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John D. Dilullo sold 7,850 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares in the company, valued at $520,603.30. This represents a 26.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,009,157 shares of company stock valued at $26,155,555. 1.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on QBTS. Jefferies Financial Group set a $40.00 price target on shares of D-Wave Quantum in a report on Friday, August 7th. Rosenblatt Securities restated a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a report on Friday, August 7th. Wall Street Zen raised D-Wave Quantum from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Canaccord Genuity Group set a $35.00 target price on D-Wave Quantum in a report on Thursday, August 6th. Finally, Benchmark assumed coverage on D-Wave Quantum in a research report on Monday, July 27th. They issued a “buy” rating and a $30.00 price target on the stock. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $36.27.

D-Wave Quantum Stock Up 1.2%

Shares of NASDAQ QBTS opened at $17.20 on Tuesday. The company’s 50 day moving average price is $19.84 and its 200-day moving average price is $20.14. The company has a debt-to-equity ratio of 0.03, a quick ratio of 20.42 and a current ratio of 20.55. D-Wave Quantum Inc. has a 52-week low of $12.75 and a 52-week high of $46.75. The company has a market capitalization of $6.36 billion, a P/E ratio of -24.23 and a beta of 2.15.

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