Citizens Financial Group Inc. RI Invests $658,000 in D-Wave Quantum Inc. (NYSE:QBTS)

Citizens Financial Group Inc. RI purchased a new position in shares of D-Wave Quantum Inc. (NYSE:QBTS) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 78,283 shares of the company’s stock, valued at approximately $658,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new position in D-Wave Quantum in the 4th quarter worth about $38,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $84,000. Spire Wealth Management bought a new position in D-Wave Quantum in the 4th quarter worth about $90,000. Vontobel Holding Ltd. bought a new position in D-Wave Quantum in the 4th quarter worth about $105,000. Finally, Truist Financial Corp bought a new position in D-Wave Quantum in the 4th quarter worth about $108,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 8.8 %

Shares of NYSE QBTS opened at $5.86 on Thursday. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -13.94 and a beta of 1.12. D-Wave Quantum Inc. has a 1-year low of $0.75 and a 1-year high of $11.41. The stock’s 50-day moving average is $6.10 and its 200 day moving average is $3.78.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Roth Mkm raised their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. B. Riley raised their price target on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Craig Hallum raised their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $6.71.

Insider Activity at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the firm’s 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 transaction, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,071,206 shares of company stock valued at $53,438,181. Corporate insiders own 7.22% of the company’s stock.

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.