The Manufacturers Life Insurance Company Invests $4.91 Million in D-Wave Quantum Inc. $QBTS

The Manufacturers Life Insurance Company acquired a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 204,727 shares of the company’s stock, valued at approximately $4,911,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Fiduciary Financial Advisors acquired a new stake in D-Wave Quantum in the second quarter worth $25,000. Root Financial Partners LLC increased its stake in D-Wave Quantum by 388.0% in the fourth quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after purchasing an additional 776 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of D-Wave Quantum by 545.5% during the first quarter. Parallel Advisors LLC now owns 1,788 shares of the company’s stock valued at $26,000 after purchasing an additional 1,511 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $28,000. Finally, PeakShares LLC bought a new position in shares of D-Wave Quantum during the 1st quarter worth about $29,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Stock Up 1.2%

Shares of NASDAQ QBTS opened at $17.20 on Tuesday. The stock has a market capitalization of $6.36 billion, a P/E ratio of -24.23 and a beta of 2.15. The company has a 50-day moving average price of $19.84 and a 200-day moving average price of $20.14. D-Wave Quantum Inc. has a 1 year low of $12.75 and a 1 year high of $46.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 20.55 and a quick ratio of 20.42.

D-Wave Quantum (NASDAQ:QBTS) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $3.08 million during the quarter, compared to analyst estimates of $4.03 million. During the same quarter in the prior year, the company earned ($0.08) EPS. The company’s revenue was down 0.6 on a year-over-year basis. On average, equities research analysts forecast that D-Wave Quantum Inc. will post -0.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

QBTS has been the subject of several research reports. Wedbush assumed coverage on D-Wave Quantum in a research note on Monday, August 3rd. They issued an “outperform” rating and a $40.00 target price for the company. Jefferies Financial Group set a $40.00 price target on D-Wave Quantum in a report on Friday, August 7th. Roth Capital reissued a “buy” rating and issued a $30.00 price objective on shares of D-Wave Quantum in a research note on Thursday, August 6th. Mizuho boosted their price objective on D-Wave Quantum from $29.00 to $35.00 and gave the company an “outperform” rating in a report on Monday, June 15th. Finally, Benchmark began coverage on D-Wave Quantum in a research report on Monday, July 27th. They set a “buy” rating and a $30.00 target price on the stock. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $36.27.

Insider Transactions at D-Wave Quantum

In related news, VP Sophie C. Ames sold 3,070 shares of the company’s stock in a transaction on Monday, July 20th. The stock was 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 in the company, valued at approximately $9,983,702.55. This represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alan E. Baratz sold 687,627 shares of the company’s stock in a transaction on 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 sale, the chief executive officer owned 3,299,771 shares of the company’s stock, valued at $86,223,016.23. This trade represents a 17.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,009,157 shares of company stock valued at $26,155,555. Corporate insiders own 1.30% of the company’s stock.

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.