Truist Financial Corp Makes New $108,000 Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Truist Financial Corp bought a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,875 shares of the company’s stock, valued at approximately $108,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $84,000. Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $90,000. Vontobel Holding Ltd. acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $105,000. Barclays PLC grew its position in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the last quarter. Finally, Sonora Investment Management Group LLC acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $135,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Company insiders own 7.22% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on QBTS. B. Riley raised their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum raised their target price 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 restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Stock Down 0.7 %

NYSE:QBTS opened at $5.20 on Friday. The company has a market cap of $1.40 billion, a P/E ratio of -12.37 and a beta of 1.12. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $11.41. The firm’s 50 day moving average is $6.31 and its two-hundred day moving average is $3.67.

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.