State of New Jersey Common Pension Fund D Purchases 44,703 Shares of D-Wave Quantum Inc. $QBTS

State of New Jersey Common Pension Fund D increased its holdings in D-Wave Quantum Inc. (NYSE:QBTS) by 45.2% in the third quarter, Holdings Channel reports. The fund owned 143,623 shares of the company’s stock after purchasing an additional 44,703 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in D-Wave Quantum were worth $3,549,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of QBTS. PNC Financial Services Group Inc. boosted its stake in shares of D-Wave Quantum by 16.9% during the third quarter. PNC Financial Services Group Inc. now owns 9,229 shares of the company’s stock valued at $228,000 after purchasing an additional 1,335 shares in the last quarter. Florida Financial Advisors LLC lifted its holdings in D-Wave Quantum by 87.9% during the third quarter. Florida Financial Advisors LLC now owns 61,989 shares of the company’s stock worth $1,532,000 after buying an additional 29,007 shares during the period. Aspire Capital Advisors LLC bought a new stake in D-Wave Quantum during the 3rd quarter valued at $209,000. Cibc World Market Inc. purchased a new position in shares of D-Wave Quantum in the 3rd quarter valued at $343,000. Finally, Rhumbline Advisers raised its position in shares of D-Wave Quantum by 8.8% in the 3rd quarter. Rhumbline Advisers now owns 455,108 shares of the company’s stock worth $11,246,000 after acquiring an additional 36,625 shares in the last quarter. Institutional investors own 42.47% of the company’s stock.

Analysts Set New Price Targets

QBTS has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $43.00 price objective on shares of D-Wave Quantum in a research report on Wednesday, January 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of D-Wave Quantum in a research report on Monday, December 29th. Evercore assumed coverage on shares of D-Wave Quantum in a research report on Wednesday, December 3rd. They set an “outperform” rating and a $44.00 target price for the company. Canaccord Genuity Group set a $43.00 target price on shares of D-Wave Quantum in a research note on Thursday, January 29th. Finally, Mizuho started coverage on D-Wave Quantum in a research report on Thursday, December 11th. They set an “outperform” rating and a $46.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Trading Up 1.7%

NYSE QBTS opened at $19.39 on Friday. D-Wave Quantum Inc. has a 12-month low of $4.45 and a 12-month high of $46.75. The company has a fifty day simple moving average of $24.99 and a two-hundred day simple moving average of $24.84. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The stock has a market cap of $7.17 billion, a P/E ratio of -14.36 and a beta of 1.56.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 100,000 shares of D-Wave Quantum stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $30.03, for a total transaction of $3,003,000.00. Following the completion of the sale, the chief financial officer owned 1,471,312 shares of the company’s stock, valued at approximately $44,183,499.36. The trade was a 6.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John D. Dilullo sold 8,000 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $27.36, for a total value of $218,880.00. Following the completion of the transaction, the director directly owned 27,803 shares in the company, valued at $760,690.08. This represents a 22.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,074,466 shares of company stock worth $31,558,806 over the last three months. Corporate insiders own 3.20% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.