D-Wave Quantum (NYSE:QBTS) Shares Up 6.6% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price rose 6.6% during mid-day trading on Thursday . The stock traded as high as $6.39 and last traded at $6.44. Approximately 22,854,368 shares traded hands during trading, a decline of 74% from the average daily volume of 86,878,313 shares. The stock had previously closed at $6.04.

Analyst Ratings Changes

QBTS has been the subject of several research reports. 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 report on Friday. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Craig Hallum increased their price objective on 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 reiterated 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 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Price Performance

The company has a market cap of $1.72 billion, a P/E ratio of -15.18 and a beta of 1.10. The stock has a 50-day moving average of $6.59 and a 200 day moving average of $3.15.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated 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 in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Company insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $38,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum during the third quarter valued at about $42,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum during the third quarter valued at about $49,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $67,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of D-Wave Quantum during the fourth quarter valued at about $84,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.