Castleark Management LLC Makes New Investment in D-Wave Quantum Inc. $QBTS

Castleark Management LLC bought a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS) during the second quarter, Holdings Channel.com reports. The firm bought 179,690 shares of the company’s stock, valued at approximately $4,311,000.

Several other hedge funds and other institutional investors also recently modified their holdings of QBTS. Nicholas Investment Partners LP bought a new position in shares of D-Wave Quantum during the second quarter worth about $5,535,000. Legal & General Group Plc bought a new stake in D-Wave Quantum in the 2nd quarter valued at about $6,733,000. The Manufacturers Life Insurance Company bought a new stake in D-Wave Quantum in the 2nd quarter valued at about $4,911,000. Wilmar Advisors LLC acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $480,000. Finally, Fiduciary Financial Advisors acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $25,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

Shares of QBTS opened at $19.35 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42. The stock has a market capitalization of $7.16 billion, a P/E ratio of -27.25 and a beta of 2.15. D-Wave Quantum Inc. has a 12-month low of $12.75 and a 12-month high of $46.75. The firm’s 50 day moving average is $20.38 and its 200-day moving average is $20.21.

D-Wave Quantum (NASDAQ:QBTS) last posted its quarterly earnings results 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). D-Wave Quantum had a negative net margin of 2,001.59% and a negative return on equity of 26.67%. The company had revenue of $3.08 million during the quarter, compared to the consensus estimate of $4.03 million. During the same period in the prior year, the company posted ($0.08) EPS. D-Wave Quantum’s quarterly revenue was down 0.6 on a year-over-year basis. Equities research analysts anticipate that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 200,000 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $25.71, for a total transaction of $5,142,000.00. Following the sale, the chief financial officer directly owned 1,142,820 shares of the company’s stock, valued at $29,381,902.20. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John D. Dilullo sold 7,850 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the sale, the director directly owned 21,310 shares of the company’s stock, valued at approximately $520,603.30. This represents a 26.92% 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. Over the last ninety days, insiders sold 1,012,065 shares of company stock worth $26,245,703. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Canaccord Genuity Group set a $35.00 price target on shares of D-Wave Quantum in a research note on Thursday, August 6th. Roth Capital reaffirmed a “buy” rating and set a $30.00 price target on shares of D-Wave Quantum in a report on Thursday, August 6th. Mizuho boosted their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the stock an “outperform” rating in a research report on Monday, June 15th. Benchmark assumed 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. Finally, BMO Capital Markets began coverage on D-Wave Quantum in a research report on Thursday, August 20th. They issued an “outperform” rating and a $35.00 target price on the stock. Thirteen equities 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.27.

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.