D-Wave Quantum (NYSE:QBTS) Trading Up 4.3% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) was up 4.3% on Tuesday . The stock traded as high as $6.26 and last traded at $6.01. Approximately 31,676,898 shares traded hands during trading, a decline of 67% from the average daily volume of 95,833,469 shares. The stock had previously closed at $5.76.

Analyst Ratings Changes

Several equities research analysts recently weighed in on QBTS shares. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley increased their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Roth Mkm raised their target price on 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 reissued a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 0.1 %

The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of -13.75 and a beta of 1.10. The firm has a 50 day moving average price of $6.09 and a two-hundred day moving average price of $2.86.

Insider Activity

In related news, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock valued at $92,096,075 in the last three months. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Penserra Capital Management LLC increased its holdings in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Geode Capital Management LLC increased its holdings in D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. UNICOM Systems Inc. purchased a new stake in D-Wave Quantum during the 4th quarter worth approximately $20,258,000. State Street Corp increased its holdings in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum during the 2nd quarter worth approximately $265,000. 42.47% of the stock is currently owned by hedge funds and other 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.