CIBC Private Wealth Group LLC Reduces Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

CIBC Private Wealth Group LLC lowered its position in D-Wave Quantum Inc. (NYSE:QBTS) by 80.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 300,100 shares of the company’s stock after selling 1,199,900 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.11% of D-Wave Quantum worth $2,521,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in QBTS. Blair William & Co. IL increased its stake in shares of D-Wave Quantum by 29.9% in the fourth quarter. Blair William & Co. IL now owns 27,935 shares of the company’s stock worth $235,000 after purchasing an additional 6,435 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in D-Wave Quantum by 20.6% during the 4th quarter. JPMorgan Chase & Co. now owns 46,804 shares of the company’s stock valued at $393,000 after acquiring an additional 8,001 shares during the period. WINTON GROUP Ltd purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth $314,000. Heritage Wealth Advisors purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth $67,000. Finally, Prudential Financial Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth $95,000. 42.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares in the company, valued at approximately $228,891,144.32. This represents a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. 7.22% of the stock is currently owned by corporate insiders.

D-Wave Quantum Stock Performance

NYSE QBTS opened at $7.33 on Thursday. The company has a market capitalization of $2.14 billion, a P/E ratio of -17.45 and a beta of 1.12. D-Wave Quantum Inc. has a 52-week low of $0.75 and a 52-week high of $11.95. The company has a fifty day moving average of $6.71 and a 200-day moving average of $4.59.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $2.23 million. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on QBTS. Needham & Company LLC reissued a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Wednesday. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. B. Riley raised their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Finally, Roth Mkm upped their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum currently has an average rating of “Buy” and a consensus price target of $8.42.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.