Hollencrest Capital Management Acquires New Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

Hollencrest Capital Management acquired a new stake in D-Wave Quantum Inc. (NYSE:QBTS) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 14,000 shares of the company’s stock, valued at approximately $118,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in QBTS. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the 4th quarter valued at approximately $38,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum in the 4th quarter valued at approximately $84,000. Spire Wealth Management bought a new position in D-Wave Quantum in the 4th quarter valued at approximately $90,000. Vontobel Holding Ltd. bought a new position in D-Wave Quantum in the 4th quarter valued at approximately $105,000. Finally, Truist Financial Corp bought a new position in D-Wave Quantum in the 4th quarter valued at approximately $108,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 8.8 %

Shares of NYSE QBTS opened at $5.86 on Thursday. D-Wave Quantum Inc. has a twelve month low of $0.75 and a twelve month high of $11.41. The firm has a fifty day simple moving average of $6.10 and a 200 day simple moving average of $3.78. The company has a market capitalization of $1.58 billion, a PE ratio of -13.94 and a beta of 1.12.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on QBTS. Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley raised their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Roth Mkm raised 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. Finally, Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $6.71.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction 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 trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,071,206 shares of company stock valued at $53,438,181 over the last quarter. Insiders own 7.22% of the company’s stock.

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.