D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) rose 5.2% during trading on Monday . The company traded as high as $9.35 and last traded at $8.80. Approximately 43,184,045 shares changed hands during mid-day trading, an increase of 39% from the average daily volume of 30,992,161 shares. The stock had previously closed at $8.36.

Analyst Upgrades and Downgrades

QBTS has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Roth Mkm upped their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. B. Riley increased their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and issued a $8.50 price objective on shares of D-Wave Quantum in a report on Friday, March 14th. Finally, Craig Hallum increased their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Price Performance

The stock’s 50-day moving average is $6.48 and its two-hundred day moving average is $4.33. The company has a market cap of $2.55 billion, a P/E ratio of -20.83 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to analysts’ expectations of $2.23 million. On average, analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,071,206 shares of company stock valued at $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of D-Wave Quantum by 103.7% during the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after acquiring an additional 3,624,407 shares during the period. Bank of America Corp DE lifted its holdings in D-Wave Quantum by 4,912.4% during the fourth quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock valued at $21,404,000 after purchasing an additional 2,497,263 shares in the last quarter. UNICOM Systems Inc. bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $20,258,000. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter worth $2,087,000. Institutional investors own 42.47% 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.