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

State of New Jersey Common Pension Fund D raised its stake in shares of D-Wave Quantum Inc. (NYSE:QBTS) by 45.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 143,623 shares of the company’s stock after purchasing an additional 44,703 shares during the period. State of New Jersey Common Pension Fund D’s holdings in D-Wave Quantum were worth $3,549,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in QBTS. Atlantic Union Bankshares Corp bought a new position in D-Wave Quantum during the second quarter valued at approximately $29,000. Financial Consulate Inc. purchased a new stake in shares of D-Wave Quantum during the 3rd quarter worth approximately $31,000. Gables Capital Management Inc. bought a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $37,000. Huntington National Bank purchased a new position in shares of D-Wave Quantum in the second quarter valued at $41,000. Finally, GAMMA Investing LLC grew its holdings in shares of D-Wave Quantum by 34.6% in the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after purchasing an additional 482 shares in the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insider Activity

In other news, Director John D. Dilullo sold 8,000 shares of the company’s 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 transaction, the director directly owned 27,803 shares in the company, valued at approximately $760,690.08. This represents a 22.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the sale, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at $72,904,089. The trade was a 1.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,074,466 shares of company stock valued at $31,558,806. Insiders own 3.20% of the company’s stock.

D-Wave Quantum Trading Up 1.7%

Shares of NYSE QBTS opened at $19.39 on Friday. The business’s 50 day moving average price is $24.99 and its 200-day moving average price is $24.84. D-Wave Quantum Inc. has a fifty-two week low of $4.45 and a fifty-two week high of $46.75. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68. The company has a market cap of $7.17 billion, a price-to-earnings ratio of -14.36 and a beta of 1.56.

Analyst Ratings Changes

Several research firms have commented on QBTS. Benchmark reiterated a “buy” rating and set a $35.00 price objective on shares of D-Wave Quantum in a research report on Friday, January 23rd. Cantor Fitzgerald lifted their price target on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Wedbush assumed coverage on D-Wave Quantum in a research report on Wednesday, December 17th. They set an “outperform” rating and a $35.00 price objective on the stock. Wall Street Zen cut D-Wave Quantum from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Finally, Williams Trading set a $35.00 price target on D-Wave Quantum in a research report on Monday, November 10th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum 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.