D-Wave Quantum (NYSE:QBTS) Trading Up 10.8% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 10.8% on Wednesday . The stock traded as high as $6.00 and last traded at $5.91. Approximately 26,157,515 shares changed hands during trading, a decline of 70% from the average daily volume of 87,634,469 shares. The stock had previously closed at $5.33.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. B. Riley lifted their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Craig Hallum increased their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -14.18 and a beta of 1.10. The firm’s 50-day moving average price is $6.45 and its two-hundred day moving average price is $3.06.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock worth $92,096,075 in the last 90 days. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter worth $38,000. SG Americas Securities LLC acquired a new position in D-Wave Quantum during the 3rd quarter worth about $42,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum during the 3rd quarter valued at about $49,000. Heritage Wealth Advisors acquired a new position in D-Wave Quantum in the 4th quarter valued at about $67,000. Finally, Kingsview Wealth Management LLC purchased a new stake in D-Wave Quantum during the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 42.47% of the company’s stock.

About D-Wave Quantum

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.