Oppenheimer & Co. Inc. Invests $1.06 Million in D-Wave Quantum Inc. (NYSE:QBTS)

Oppenheimer & Co. Inc. acquired a new position in D-Wave Quantum Inc. (NYSE:QBTS) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 126,300 shares of the company’s stock, valued at approximately $1,061,000.

Other large investors have also recently modified their holdings of the company. Kingsview Wealth Management LLC purchased a new position in D-Wave Quantum during the 4th quarter valued at about $84,000. Spire Wealth Management purchased a new position in D-Wave Quantum during the 4th quarter valued at about $90,000. Vontobel Holding Ltd. purchased a new position in D-Wave Quantum during the 4th quarter valued at about $105,000. Truist Financial Corp purchased a new position in D-Wave Quantum during the 4th quarter valued at about $108,000. Finally, Sonora Investment Management Group LLC purchased a new position in D-Wave Quantum during the 4th quarter valued at about $135,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 8.5 %

Shares of QBTS opened at $5.32 on Wednesday. The business’s 50 day moving average price is $6.54 and its 200-day moving average price is $3.62. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $11.41. The stock has a market cap of $1.43 billion, a P/E ratio of -12.65 and a beta of 1.10.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock valued at $92,096,075 in the last ninety days. 7.22% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on QBTS shares. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm lifted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum lifted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley lifted their price objective on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $6.71.

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.