D-Wave Quantum (QBTS) Stock Price Increased Dramatically in Q2

180 Degree Capital Corp., an investment management firm, recently released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The quarter was rough for the portfolio, which lost 5.8% compared to a 5.3% increase for the Russell Microcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

180 Degree Capital highlighted stocks like D-Wave Quantum Inc. (NYSE:QBTS) in the second quarter 2023 investor letter. Headquartered in Burnaby, Canada, D-Wave Quantum Inc. (NYSE:QBTS) develops and delivers quantum computing systems, software, and services. On August 17, 2023, D-Wave Quantum Inc. (NYSE:QBTS) stock closed at $1.3100 per share. One-month return of D-Wave Quantum Inc. (NYSE:QBTS) was -45.64%, and its shares lost 85.36% of their value over the last 52 weeks. D-Wave Quantum Inc. (NYSE:QBTS) has a market capitalization of $167.718 million.

180 Degree Capital made the following comment about D-Wave Quantum Inc. (NYSE:QBTS) in its second quarter 2023 investor letter:

"D-Wave Quantum Inc. (NYSE:QBTS): QBTS reported weak results for the first quarter and a new debt facility from its largest shareholder for up to $50 million, with $15 million drawn initially and the next tranches available if the company achieves certain milestones. After selling off materially following earnings, QBTS appears to be the beneficiary of interest in AI-related stocks, and its stock price increased dramatically from the lows following earnings. With the stock above $1/share, QBTS now has access to its equity facility from Lincoln Park Capital. For the quarter, QBTS increased NAV by $0.11, or $1.2 million."

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D-Wave Quantum Inc. (NYSE:QBTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held D-Wave Quantum Inc. (NYSE:QBTS) at the end of second quarter which was 9 in the previous quarter.

We discussed D-Wave Quantum Inc. (NYSE:QBTS) in another article and shared 180 Degree Capital Corp.'s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.