D-Wave Quantum (NYSE:QBTS) Trading Up 11.6% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) was up 11.6% on Tuesday . The stock traded as high as $6.06 and last traded at $5.88. Approximately 47,782,685 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 107,555,906 shares. The stock had previously closed at $5.27.

Wall Street Analyst Weigh In

QBTS has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum lifted their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. B. Riley lifted their target price on D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Performance

The business has a 50 day moving average of $5.29 and a two-hundred day moving average of $2.53. The stock has a market capitalization of $1.65 billion, a PE ratio of -14.57 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 20,138,711 shares of company stock valued at $92,022,537 in the last 90 days. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the 3rd quarter worth approximately $42,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum during the third quarter worth $49,000. Rhumbline Advisers purchased a new stake in shares of D-Wave Quantum during the second quarter valued at $93,000. Barclays PLC increased its position in shares of D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the period. Finally, Arkadios Wealth Advisors purchased a new position in D-Wave Quantum in the 4th quarter worth $162,000. Hedge funds and other 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.