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

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

Analysts Set New Price Targets

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

D-Wave Quantum Stock Up 5.0 %

The stock has a market cap of $1.71 billion, a PE ratio of -15.06 and a beta of 1.10. The firm has a 50-day simple moving average of $6.51 and a 200-day simple moving average of $3.08.

Insiders Place Their Bets

In related news, CFO John M. Markovich sold 5,582 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, 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. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last 90 days. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in the business. Invesco Ltd. lifted its holdings in shares of D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock valued at $358,000 after purchasing an additional 2,051 shares during the last quarter. Corebridge Financial Inc. grew its position in shares of D-Wave Quantum by 5.0% during the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after acquiring an additional 2,342 shares during the period. Steward Partners Investment Advisory LLC grew its position in shares of D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock valued at $110,000 after acquiring an additional 3,660 shares during the period. PNC Financial Services Group Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter valued at $38,000. Finally, Blair William & Co. IL grew its position in shares of D-Wave Quantum by 29.9% during the 4th quarter. Blair William & Co. IL now owns 27,935 shares of the company’s stock valued at $235,000 after acquiring an additional 6,435 shares during the period. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.