State Street Corp Has $1.99 Million Stake in D-Wave Quantum Inc. (NYSE:QBTS)

State Street Corp increased its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,020,977 shares of the company’s stock after acquiring an additional 17,225 shares during the quarter. State Street Corp owned approximately 1.00% of D-Wave Quantum worth $1,986,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Penserra Capital Management LLC raised its holdings in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Marshall Wace LLP bought a new stake in D-Wave Quantum in the 2nd quarter valued at about $265,000. Bank of New York Mellon Corp bought a new stake in D-Wave Quantum in the 2nd quarter valued at about $251,000. Squarepoint Ops LLC acquired a new position in D-Wave Quantum during the 2nd quarter worth approximately $163,000. Finally, XTX Topco Ltd bought a new position in D-Wave Quantum in the second quarter worth approximately $163,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

D-Wave Quantum Trading Down 9.7 %

Shares of NYSE:QBTS opened at $8.40 on Thursday. The stock has a market cap of $1.88 billion, a PE ratio of -20.00 and a beta of 1.79. The stock’s fifty day simple moving average is $3.86 and its two-hundred day simple moving average is $2.01. D-Wave Quantum Inc. has a 1-year low of $0.68 and a 1-year high of $11.41.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Craig Hallum boosted their price objective 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 price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Needham & Company LLC restated 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, Benchmark boosted their target price on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $5.63.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 10,081,459 shares of company stock worth $45,337,894 over the last quarter. Insiders own 7.22% of the company’s stock.

D-Wave Quantum 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.