180 Degree Capital Corp., an investment management firm, recently released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In March, despite the market sell-off, the fund achieved a +4.7% gross total return from its cash and public-related securities, leading to a 2.8% gain in the NAV to $5.16. The firm believes that the economy will continue to show resilience, and its portfolio companies do not require lower rates to create value for shareholders. They benefit from positive economic trends and activism across many holdings. For more information on the fund’s top picks in 2024, please check its top five holdings.
180 Degree Capital Corp. highlighted stocks like D-Wave Quantum Inc. (NYSE:QBTS), in the first quarter 2024 investor letter. D-Wave Quantum Inc. (NYSE:QBTS) develops and delivers quantum computing systems, software, and services. The one-month return of D-Wave Quantum Inc. (NYSE:QBTS) was 8.51%, and its shares gained 21.43% of their value over the last 52 weeks. On May 28, 2024, D-Wave Quantum Inc. (NYSE:QBTS) stock closed at $1.4000 per share with a market capitalization of $263.254 million.
180 Degree Capital Corp. stated the following regarding D-Wave Quantum Inc. (NYSE:QBTS) in its first quarter 2024 investor letter:
“D-Wave Quantum Inc. (NYSE:QBTS): QBTS announced the availability of new quantum computing resources and partnerships to drive quantum computing adoption. The increase in QBTS’ stock price also allowed it to regain compliance with NYSE listing standards and the ability to tap its equity line of credit for additional capital to fund operations.
For the quarter, QBTS increased NAV by $0.09/share, or $0.9 million.”
A modern computer datacenter, running an advanced quantum computer system.
D-Wave Quantum Inc. (NYSE:QBTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held D-Wave Quantum Inc. (NYSE:QBTS) at the end of the first quarter which was 7 in the previous quarter.
D-Wave Quantum Inc. (NYSE:QBTS) reported first-quarter revenue of $2.5 million, up 56% from the company’s fiscal year 2023 first-quarter revenue of $1.6 million. Revenue from the company’s fiscal year 2023 fourth quarter decreased sequentially, in line with the usual Q4 to Q1 seasonality
In another article, we discussed D-Wave Quantum Inc. (NYSE:QBTS) and shared the list of best quantum computing stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors. While we acknowledge the potential of quantum computing companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
