Sovereign Financial Group Inc. Invests $179,000 in D-Wave Quantum Inc. (NYSE:QBTS)

Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 21,335 shares of the company’s stock, valued at approximately $179,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Barclays PLC increased its position in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC bought a new stake in D-Wave Quantum in the fourth quarter valued at about $820,000. Geode Capital Management LLC raised its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares in the last quarter. State Street Corp lifted its holdings 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 last quarter. Finally, Penserra Capital Management LLC grew its position in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares in the last quarter. 42.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 20,138,711 shares of company stock valued at $92,022,537 in the last three months. 7.22% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on QBTS shares. 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 lifted their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Trading Up 22.2 %

NYSE QBTS opened at $5.78 on Thursday. The company has a 50-day moving average price of $4.97 and a two-hundred day moving average price of $2.41. D-Wave Quantum Inc. has a 52 week low of $0.68 and a 52 week high of $11.41. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -13.76 and a beta of 1.16.

D-Wave Quantum Company Profile

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.