Geode Capital Management LLC Has $2.51 Million Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 33.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,555,927 shares of the company’s stock after purchasing an additional 645,039 shares during the period. Geode Capital Management LLC owned 1.27% of D-Wave Quantum worth $2,513,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Penserra Capital Management LLC raised its holdings 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 buying an additional 839,942 shares during the last quarter. State Street Corp raised its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Marshall Wace LLP bought a new position in shares of D-Wave Quantum in the second quarter worth about $265,000. Bank of New York Mellon Corp acquired a new position in shares of D-Wave Quantum during the second quarter worth approximately $251,000. Finally, Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum during the second quarter valued at approximately $163,000. Institutional investors own 42.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on QBTS. Craig Hallum boosted 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 report on Friday, December 20th. Benchmark upped their price target on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. B. Riley boosted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and an average target price of $5.63.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares in the company, valued at $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 10,081,459 shares of company stock valued at $45,337,894 in the last quarter. Company insiders own 7.22% of the company’s stock.

D-Wave Quantum Stock Performance

Shares of NYSE:QBTS opened at $9.53 on Wednesday. The company has a 50 day moving average price of $4.54 and a two-hundred day moving average price of $2.26. The company has a market capitalization of $2.57 billion, a PE ratio of -22.69 and a beta of 1.16. D-Wave Quantum Inc. has a 52 week low of $0.68 and a 52 week high of $11.41.

D-Wave Quantum 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.