Prosperity Wealth Management Inc. Takes $450,000 Position in D-Wave Quantum Inc. (NYSE:QBTS)

Prosperity Wealth Management Inc. purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 53,600 shares of the company’s stock, valued at approximately $450,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Citizens Financial Group Inc. RI acquired a new position in D-Wave Quantum during the 4th quarter valued at about $658,000. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum during the 4th quarter valued at about $38,000. Raymond James Financial Inc. acquired a new position in D-Wave Quantum during the 4th quarter valued at about $2,087,000. Victory Capital Management Inc. boosted its stake in D-Wave Quantum by 55.1% during the 4th quarter. Victory Capital Management Inc. now owns 29,399 shares of the company’s stock valued at $247,000 after purchasing an additional 10,444 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in D-Wave Quantum by 40.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 321,284 shares of the company’s stock valued at $2,699,000 after purchasing an additional 91,721 shares during the period. 42.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,508,799 shares of company stock worth $88,960,447 in the last ninety days. 7.22% of the stock is currently owned by corporate insiders.

D-Wave Quantum Price Performance

NYSE QBTS opened at $5.38 on Wednesday. The company’s 50 day simple moving average is $6.15 and its 200 day simple moving average is $3.76. D-Wave Quantum Inc. has a 12 month low of $0.75 and a 12 month high of $11.41. The company has a market capitalization of $1.45 billion, a P/E ratio of -12.80 and a beta of 1.12.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley upped their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.71.

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.