D-Wave Quantum (NYSE:QBTS) Trading 2% Higher – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shot up 2% during trading on Wednesday . The stock traded as high as $6.00 and last traded at $5.90. 24,905,565 shares changed hands during trading, a decline of 74% from the average session volume of 94,422,289 shares. The stock had previously closed at $5.78.

Analyst Ratings Changes

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

D-Wave Quantum Stock Performance

The firm’s 50-day moving average price is $6.28 and its two-hundred day moving average price is $2.94. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -13.80 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum 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 stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, 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. Over the last three months, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at $38,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $84,000. Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at about $90,000. Vontobel Holding Ltd. purchased a new position in D-Wave Quantum during the 4th quarter worth approximately $105,000. Finally, Truist Financial Corp acquired a new position in D-Wave Quantum during the fourth quarter worth approximately $108,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.