D-Wave Quantum (NYSE:QBTS) Stock Price Up 12.7% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 12.7% during mid-day trading on Tuesday . The stock traded as high as $9.42 and last traded at $8.15. 95,119,793 shares were traded during mid-day trading, an increase of 941% from the average session volume of 9,141,137 shares. The stock had previously closed at $7.23.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on QBTS shares. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, B. Riley boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a report on Monday, November 25th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $3.71.

D-Wave Quantum Trading Down 28.9 %

The stock’s fifty day simple moving average is $2.42 and its 200-day simple moving average is $1.52. The stock has a market capitalization of $1.43 billion, a PE ratio of -15.17 and a beta of 1.79.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the sale, the insider now owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 7.22% of the stock is owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of institutional investors have recently added to or reduced their stakes in QBTS. Barclays PLC lifted its stake in D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the last quarter. Geode Capital Management LLC grew its position in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the last quarter. State Street Corp increased its stake in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after buying an additional 17,225 shares during the period. Penserra Capital Management LLC lifted its stake in D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Finally, Bogart Wealth LLC bought a new stake in D-Wave Quantum in the third quarter valued at $49,000. 42.47% of the stock is currently owned by institutional investors.

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.