Geode Capital Management LLC Has $2.51 Million Stake in D-Wave Quantum Inc. (NYSE:QBTS)

Geode Capital Management LLC raised its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 33.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,555,927 shares of the company’s stock after buying an additional 645,039 shares during the period. Geode Capital Management LLC’s holdings in D-Wave Quantum were worth $2,513,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC increased its stake in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Marshall Wace LLP bought a new position in D-Wave Quantum during the second quarter worth about $265,000. Bank of New York Mellon Corp bought a new position in D-Wave Quantum during the second quarter worth about $251,000. Squarepoint Ops LLC acquired a new position in D-Wave Quantum during the second quarter worth approximately $163,000. Finally, XTX Topco Ltd bought a new stake in D-Wave Quantum in the second quarter valued at approximately $163,000. 42.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Benchmark lifted their price target on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley raised their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $5.63.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 10,081,459 shares of company stock worth $45,337,894. Company insiders own 7.22% of the company’s stock.

D-Wave Quantum Trading Down 6.7 %

Shares of QBTS stock opened at $9.53 on Wednesday. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of -22.69 and a beta of 1.16. The business’s 50-day moving average price is $4.54 and its 200-day moving average price is $2.26. D-Wave Quantum Inc. has a 12 month low of $0.68 and a 12 month high of $11.41.

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.