Axxcess Wealth Management LLC Increases Investment in D-Wave Quantum Inc.

Axxcess Wealth Management LLC has recently acquired a new stake in D-Wave Quantum Inc. (NYSE: QBTS) during the fourth quarter of the year. According to its latest Form 13F filing with the Securities and Exchange Commission, the fund purchased 48,190 shares of D-Wave, which are estimated to be valued at around $405,000.

In addition to Axxcess Wealth Management, several other institutional investors and hedge funds have also adjusted their positions in D-Wave Quantum. Notably, Barclays PLC increased its stake in the company by 298.3% during the previous quarter, owning now 120,029 shares valued at approximately $117,000 after acquiring an additional 89,894 shares. Furthermore, Silverleafe Capital Partners LLC entered a new position with a stake valued at about $820,000 during the same quarter. Other notable investors include Truist Financial Corp, which bought shares worth approximately $108,000, and Patriot Financial Group Insurance Agency LLC, which acquired a position valued around $488,000. Lastly, Jones Financial Companies Lllp also considerably increased its stake in D-Wave Quantum, growing it by 341.7% and now holding 23,688 shares valued at $199,000. Currently, institutional investors and hedge funds hold 42.47% of the company’s stock.

D-Wave Quantum Stock Performance

As of the most recent trading, D-Wave Quantum's stock opened at $8.37. The stock has a 50-day moving average of $6.31 and a two-hundred-day moving average of $4.17. Over the last 52 weeks, D-Wave Quantum Inc. has experienced a low of $0.75 and a high of $11.95. The company carries a market capitalization of approximately $2.25 billion with a negative PE ratio of -19.94 and a beta of 1.12.

D-Wave Quantum announced its latest quarterly earnings results on March 13th, revealing an earnings loss of $0.37 per share. This was significantly below the analysts' consensus estimate of a loss of $0.09 per share. The company reported revenue of $2.31 million for the quarter, exceeding the expected $2.23 million. Analysts predict that D-Wave Quantum Inc. will report an EPS of -0.41 for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news concerning D-Wave Quantum, CFO John M. Markovich sold 5,582 shares of the company's stock on January 23rd, with the shares sold at an average price of $5.27, totaling approximately $29,417. After the sale, the CFO retained ownership of 1,064,556 shares valued at around $5.61 million. This transaction only accounted for a slight decrease of 0.52% in his stake. Additionally, a significant shareholder, Sector Pension Investment Public, sold 2,778,564 shares on January 10th for approximately $17.06 million at an average price of $6.14. Following this transaction, they now hold about 37,278,688 shares valued at approximately $228.89 million. In the past 90 days, insiders have sold about 10,071,206 shares, totaling around $46.76 million. Currently, corporate insiders own 7.22% of the company’s stock.

Analysts' Outlook on D-Wave Quantum

Several analysts have recently provided insights regarding D-Wave Quantum's stock. Craig Hallum raised their target price from $2.50 to $9.00 while assigning a "buy" rating on December 20th. B. Riley increased their price target from $11.00 to $12.00, also giving it a "buy" rating. Both Needham & Company and Roth MKM reiterated their "buy" ratings while setting target prices at $8.50 and $10.00, respectively. Benchmark also reaffirmed a "buy" rating with a price target of $8.00. With six analysts endorsing a buy recommendation, there has been a consensus rating of "Buy" and an average target price of $8.42 for the stock as per MarketBeat data.

D-Wave Quantum Overview

D-Wave Quantum Inc. specializes in developing and delivering quantum computing systems, software, and services globally. The company offers its fifth-generation quantum computer, commonly referred to as Advantage. Additionally, it provides a suite of open-source tools under the Ocean brand and a cloud service named Leap, which allows users real-time access to its quantum computer along with various resources including hybrid solvers and a software development kit.

Axxcess, Investment, D-Wave