Van ECK Associates Corp Has $56.13 Million Stock Holdings in D-Wave Quantum Inc. $QBTS

Van ECK Associates Corp grew its position in D-Wave Quantum Inc. (NASDAQ:QBTS) by 52.6% in the second quarter, Holdings Channel.com reports. The fund owned 2,339,788 shares of the company’s stock after buying an additional 806,835 shares during the period. Van ECK Associates Corp’s holdings in D-Wave Quantum were worth $56,132,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of QBTS. Root Financial Partners LLC increased its holdings in D-Wave Quantum by 388.0% in the 4th quarter. Root Financial Partners LLC now owns 976 shares of the company’s stock valued at $26,000 after buying an additional 776 shares during the period. Fiduciary Financial Advisors bought a new stake in D-Wave Quantum in the second quarter valued at about $25,000. Kemnay Advisory Services Inc. bought a new position in D-Wave Quantum during the fourth quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its position in shares of D-Wave Quantum by 267.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,151 shares of the company’s stock worth $30,000 after buying an additional 838 shares during the period. Finally, Mcguire Capital Advisors Inc. acquired a new stake in D-Wave Quantum in the 4th quarter valued at $31,000. 42.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on QBTS. Canaccord Genuity Group set a $35.00 target price on shares of D-Wave Quantum in a report on Thursday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $40.00 target price on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Stifel Nicolaus set a $35.00 target price on D-Wave Quantum in a report on Tuesday, June 2nd. Mizuho increased their price target 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. Finally, Weiss Ratings downgraded D-Wave Quantum from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.27.

D-Wave Quantum Stock Down 5.1%

Shares of NASDAQ:QBTS opened at $16.99 on Friday. 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 cap of $6.28 billion, a price-to-earnings ratio of -23.93 and a beta of 2.15. The company has a 50 day moving average of $19.98 and a 200-day moving average of $20.17. D-Wave Quantum Inc. has a one year low of $12.75 and a one year high of $46.75.

D-Wave Quantum (NASDAQ:QBTS) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share 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 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) earnings per share. The company’s quarterly revenue was down 0.6 on a year-over-year basis. On average, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In related news, CFO John M. Markovich sold 200,000 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the sale, the chief financial officer owned 1,142,820 shares in the company, valued at approximately $29,381,902.20. This represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $24.43, for a total value of $191,775.50. Following the completion of the transaction, the director directly owned 21,310 shares in the company, valued at $520,603.30. The trade was a 26.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,012,065 shares of company stock worth $26,245,703. 1.30% of the stock is owned by company insiders.

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.