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

Sovereign Financial Group Inc. acquired a new stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,335 shares of the company’s stock, valued at approximately $179,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC grew its stake in 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 acquiring an additional 89,894 shares during the period. Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at $820,000. Geode Capital Management LLC increased its stake in 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 purchasing an additional 645,039 shares during the last quarter. State Street Corp lifted its position in D-Wave Quantum by 0.9% during the third 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. Finally, Penserra Capital Management LLC boosted its stake in 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 buying an additional 839,942 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last quarter. 7.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. B. Riley increased their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm boosted their price objective 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. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Benchmark reissued a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 22.2 %

Shares of D-Wave Quantum stock opened at $5.78 on Thursday. D-Wave Quantum Inc. has a twelve month low of $0.68 and a twelve month 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. The company has a fifty day moving average price of $4.97 and a 200 day moving average price of $2.41.

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.