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

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 2% during mid-day trading on Wednesday . The company traded as high as $6.00 and last traded at $5.90. 24,905,565 shares traded 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 Upgrades and Downgrades

Several equities analysts have weighed in on the stock. 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. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. 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. Craig Hallum raised 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 note on Friday, December 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The business’s 50 day moving average is $6.15 and its two-hundred day moving average is $2.89. The firm has a market capitalization of $1.73 billion, a PE ratio of -15.20 and a beta of 1.10.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now owns 30,000,000 shares of the company’s stock, valued at $122,100,000. This trade represents a 19.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was 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 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 ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in D-Wave Quantum during the third quarter valued at about $42,000. Bogart Wealth LLC purchased a new position in D-Wave Quantum during the 3rd quarter valued at approximately $49,000. Kingsview Wealth Management LLC bought a new position in D-Wave Quantum during the fourth quarter valued at $84,000. Spire Wealth Management purchased a new position in D-Wave Quantum in the fourth quarter worth about $90,000. Finally, Vontobel Holding Ltd. bought a new position in shares of D-Wave Quantum during the 4th quarter valued at approximately $105,000. 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.