JPMorgan Chase & Co. Reduces Holdings in D-Wave Quantum Inc. (NYSE:QBTS)

JPMorgan Chase & Co. reduced its position in D-Wave Quantum Inc. (NYSE:QBTS) by 62.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 38,803 shares of the company’s stock after selling 64,631 shares during the period. JPMorgan Chase & Co.’s holdings in D-Wave Quantum were worth $38,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barclays PLC lifted its holdings in shares of D-Wave Quantum by 298.3% during the third 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 period. Geode Capital Management LLC raised its position in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. State Street Corp lifted its stake in shares of D-Wave Quantum by 0.9% in the 3rd 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 period. Penserra Capital Management LLC boosted 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 acquiring an additional 839,942 shares in the last quarter. Finally, Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum during the third quarter worth about $49,000. 42.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at D-Wave Quantum

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 dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last ninety days. Insiders own 7.22% of the company’s stock.

D-Wave Quantum Stock Performance

QBTS opened at $5.79 on Wednesday. D-Wave Quantum Inc. has a 1 year low of $0.75 and a 1 year high of $11.41. The company’s 50 day simple moving average is $6.09 and its 200 day simple moving average is $2.86. The stock has a market capitalization of $1.56 billion, a PE ratio of -13.77 and a beta of 1.10.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum raised 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. B. Riley boosted their target price on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of “Buy” and an average target price of $6.38.

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.