D-Wave Quantum (NYSE:QBTS) Stock Price Up 6.1% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 6.1% during trading on Thursday . The stock traded as high as $7.48 and last traded at $6.94. 48,614,222 shares traded hands during trading, a decline of 43% from the average session volume of 85,345,672 shares. The stock had previously closed at $6.54.

Analysts Set New Price Targets

QBTS has been the topic of a number of research reports. Roth Mkm upped their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. 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 research report on Friday, February 14th. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Trading Up 5.8 %

The company’s 50 day simple moving average is $6.70 and its 200 day simple moving average is $3.27. The stock has a market capitalization of $1.86 billion, a PE ratio of -16.48 and a beta of 1.10.

Insider Activity

In other news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last quarter. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC acquired a new position in D-Wave Quantum during the fourth quarter valued at approximately $26,000. Voloridge Investment Management LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at $2,063,000. Squarepoint Ops LLC purchased a new stake in D-Wave Quantum during the 4th quarter worth $1,989,000. Tidal Investments LLC purchased a new stake in D-Wave Quantum during the 4th quarter worth $104,000. Finally, ProShare Advisors LLC raised its position in D-Wave Quantum by 68.3% in the fourth quarter. ProShare Advisors LLC now owns 27,851 shares of the company’s stock valued at $234,000 after purchasing an additional 11,301 shares during the period. 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.