Rhumbline Advisers Has $1.12 Million Stock Position in D-Wave Quantum Inc. (NYSE:QBTS)

Rhumbline Advisers raised its stake in D-Wave Quantum Inc. (NYSE:QBTS) by 75.6% during the 4th quarter, Holdings Channel reports. The fund owned 133,405 shares of the company’s stock after acquiring an additional 57,438 shares during the period. Rhumbline Advisers’ holdings in D-Wave Quantum were worth $1,121,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. State Street Corp increased its position in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after buying an additional 17,225 shares during the period. Barclays PLC lifted its holdings in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after buying an additional 89,894 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares during the period. Finally, Silverleafe Capital Partners LLC acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at about $820,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the transaction, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock valued at $92,096,075 in the last quarter. Insiders own 7.22% of the company’s stock.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $5.56 on Thursday. The stock has a market capitalization of $1.50 billion, a P/E ratio of -13.23 and a beta of 1.10. D-Wave Quantum Inc. has a 52 week low of $0.75 and a 52 week high of $11.41. The stock has a fifty day moving average of $6.49 and a 200-day moving average of $3.63.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on QBTS shares. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. B. Riley upped their target price 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. Finally, Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum 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.