AlphaStar Capital Management LLC Takes Position in D-Wave Quantum Inc. (NYSE:QBTS)

AlphaStar Capital Management LLC purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 26,811 shares of the company’s stock, valued at approximately $225,000.

Other hedge funds have also added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new stake in D-Wave Quantum during the second quarter worth $163,000. SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum during the 3rd quarter worth $42,000. Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter worth $49,000. Penserra Capital Management LLC boosted its stake in 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 in the last quarter. Finally, State Street Corp grew its position in D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Roth Mkm lifted their price target on 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 upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, B. Riley lifted 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. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $6.38.

Insider Buying and Selling at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’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 sale, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is currently owned by company insiders.

D-Wave Quantum Price Performance

Shares of QBTS opened at $5.80 on Monday. The business has a 50-day moving average of $6.34 and a 200-day moving average of $2.99. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -13.80 and a beta of 1.10. D-Wave Quantum Inc. has a 1 year low of $0.75 and a 1 year high of $11.41.

D-Wave Quantum Company 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.