Bank of New York Mellon Corp Invests $54.95 Million in D-Wave Quantum Inc. $QBTS

Bank of New York Mellon Corp bought a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,290,584 shares of the company’s stock, valued at approximately $54,951,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. World Investment Advisors lifted its holdings in 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 raised its position in shares of D-Wave Quantum by 319.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 98,747 shares of the company’s stock worth $1,353,000 after purchasing an additional 75,198 shares during the period. Clear Street Group Inc. boosted its holdings in shares of D-Wave Quantum by 40.4% in the fourth quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock valued at $111,955,000 after buying an additional 1,232,106 shares during the period. Cibc World Market Inc. increased 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 purchasing an additional 40,897 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in D-Wave Quantum in the 4th quarter valued at approximately $1,185,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 687,627 shares of the stock in a transaction dated 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 in the company, valued at $86,223,016.23. This represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sophie C. Ames sold 3,070 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $16.95, for a total transaction of $52,036.50. Following the completion of the sale, the vice president owned 589,009 shares of the company’s stock, valued at approximately $9,983,702.55. This trade represents a 0.52% decrease in their position. 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 90 days, insiders have sold 1,012,065 shares of company stock worth $26,245,703. 1.30% of the stock is owned by insiders.

Key Stories Impacting D-Wave Quantum

Here are the key news stories impacting D-Wave Quantum this week:

• Positive Sentiment: D-Wave’s commercial opportunity remains a potential long-term catalyst. Growing bookings, backlog, and commercial-customer adoption could support future revenue growth despite the company’s recent earnings and revenue miss. The Bull Case for D-Wave After a Disappointing Earnings Season
• Positive Sentiment: Quantum-related cybersecurity spending could create an additional market opportunity for D-Wave and other quantum companies as organizations prepare for encryption threats and post-quantum security requirements. Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch
• Neutral Sentiment: Markovich’s replacement will serve in an acting capacity, providing continuity while D-Wave searches for a permanent CFO. The change also affected other speculative quantum-computing stocks, suggesting sector-wide risk reduction rather than a company-specific development alone. D-Wave CFO Retires; Stock Slips as Acting CFO Takes Over
• Negative Sentiment: The CFO’s retirement unsettled investors because it comes after D-Wave missed quarterly EPS and revenue expectations. With ongoing losses and a high-growth valuation, investors may be particularly sensitive to leadership changes and questions about the company’s financial execution. D-Wave Quantum Announces the Resignation of Chief Financial Officer

D-Wave Quantum Price Performance

Shares of NASDAQ:QBTS opened at $17.51 on Thursday. D-Wave Quantum Inc. has a twelve month low of $12.75 and a twelve month high of $46.75. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of -24.66 and a beta of 2.15. The stock’s 50 day moving average is $20.27 and its 200-day moving average is $20.21. The company has a quick ratio of 20.42, a current ratio of 20.55 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NASDAQ:QBTS) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business 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 firm’s quarterly revenue was down 0.6 compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Stifel Nicolaus set a $35.00 target price on D-Wave Quantum in a report on Tuesday, June 2nd. Wall Street Zen raised D-Wave Quantum from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research downgraded D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. BMO Capital Markets assumed coverage on D-Wave Quantum in a research note on Thursday, August 20th. They issued an “outperform” rating and a $35.00 price objective on the stock. Finally, Wedbush assumed coverage on D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum 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.