Hollencrest Capital Management Makes New $118,000 Investment in D-Wave Quantum Inc. (NYSE:QBTS)

Hollencrest Capital Management purchased a new position in D-Wave Quantum Inc. (NYSE:QBTS) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 14,000 shares of the company’s stock, valued at approximately $118,000.

A number of other large investors have also bought and sold shares of QBTS. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum in the fourth quarter worth $38,000. Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $84,000. Spire Wealth Management acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $90,000. Vontobel Holding Ltd. acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $105,000. Finally, Truist Financial Corp acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $108,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QBTS. B. Riley lifted their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Craig Hallum boosted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six 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 $6.71.

D-Wave Quantum Stock Performance

D-Wave Quantum stock opened at $5.86 on Thursday. D-Wave Quantum Inc. has a fifty-two week low of $0.75 and a fifty-two week high of $11.41. The stock has a market cap of $1.58 billion, a PE ratio of -13.94 and a beta of 1.12. The firm’s 50-day simple moving average is $6.10 and its 200 day simple moving average is $3.78.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is owned by insiders.

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.