Commonwealth Equity Services LLC Makes Significant Investment in D-Wave Quantum Inc.

Commonwealth Equity Services LLC has significantly increased its stake in D-Wave Quantum Inc. (NYSE: QBTS), as indicated by their recent 13F filing with the Securities and Exchange Commission (SEC). The investment firm raised its position by an impressive 1,097.3% during the fourth quarter, bringing its total holdings to 228,047 shares after acquiring an additional 209,000 shares. At the conclusion of the latest quarter, Commonwealth Equity Services owned 0.08% of D-Wave Quantum, which was valued at approximately $1,916,000.

Other institutional investors have also shown interest in D-Wave Quantum. For instance, Avantax Advisory Services Inc. initiated a new position in the company during the fourth quarter, investing around $678,000. Similarly, Hollencrest Capital Management and Prosperity Wealth Management Inc. established new stakes valued at $118,000 and $450,000, respectively. Citizens Financial Group Inc. RI also acquired $658,000 worth of shares in D-Wave Quantum.

Currently, institutional investors hold around 42.47% of the company's stock.

Wall Street Analyst Opinions

Analysts on Wall Street have provided their input on D-Wave Quantum's shares (QBTS). Needham & Company LLC recently reaffirmed a "buy" rating, setting a price target of $8.50 per share in their report from March 14th. Benchmark also reiterated a "buy" rating with a price target of $8.00. B. Riley increased their price target from $11.00 to $12.00 while maintaining a "buy" rating. Meanwhile, Craig Hallum raised their price objective from $2.50 to $9.00, and Roth MKM increased it from $7.00 to $10.00, both issuing "buy" ratings. Currently, six analysts have rated the stock as a buy, leading to an average rating of "Buy" with a target price of $8.42, according to MarketBeat.

Current Stock Performance

As for its current market performance, D-Wave Quantum's stock (NYSE: QBTS) opened at $7.58 recently, experiencing a 6.0% decline. The company has a 50-day moving average of $6.62 and a 200-day moving average of $4.43. Over the past year, the stock has traded between a low of $0.75 and a high of $11.95. D-Wave Quantum's market capitalization stands at about $2.21 billion, with a price-to-earnings ratio of -18.04 and a beta of 1.12.

Recent Earnings Report

D-Wave Quantum released its latest quarterly earnings data on March 13th. The report revealed an earnings per share (EPS) of ($0.37), which fell short of analysts' expectations of ($0.09) by $0.28. The company generated revenue of $2.31 million, exceeding projections of $2.23 million. Analysts predict that D-Wave Quantum Inc. will report an EPS of -0.41 for the current fiscal year.

Insider Transactions

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum on January 23rd at an average price of $5.27, totaling approximately $44,120. Following this transaction, Baratz holds 2,342,208 shares valued at around $12,343,436.16, reflecting a decrease of 0.36% in ownership. Additionally, a major shareholder, Sector Pension Investme Public, sold 2,778,564 shares on January 10th at an average price of $6.14, amounting to $17,060,382.96. After this sale, the shareholder holds 37,278,688 shares valued at about $228,891,144.32, which signifies a 6.94% decrease in their stake. Notably, over the last ninety days, insiders have sold 10,071,206 shares worth $46,758,181, and insiders currently own 7.22% of the company’s stock.

Overview of D-Wave Quantum Inc.

D-Wave Quantum Inc. specializes in the development and delivery of quantum computing systems, software, and services globally. The company's offerings include the Advantage quantum computer, the Ocean suite of open-source Python tools, and the Leap cloud-based service, which provides real-time access to quantum computing resources and learning materials.

Conclusion

The recent actions by Commonwealth Equity Services LLC and other institutional investors indicate a growing interest in D-Wave Quantum Inc. as they recognize the potential of quantum computing in the future. As analysts maintain positive ratings and the market observes fluctuations, stakeholders will be keen to see how the company performs moving forward.

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