D-Wave Quantum (NYSE:QBTS) Trading Up 5.4% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 5.4% during trading on Friday . The stock traded as high as $6.76 and last traded at $6.43. 48,306,420 shares were traded during mid-day trading, a decline of 43% from the average session volume of 85,320,625 shares. The stock had previously closed at $6.10.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of research analyst reports. Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley raised their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Roth Mkm upped their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Benchmark lifted their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $5.63.

D-Wave Quantum Stock Performance

The stock has a market cap of $1.66 billion, a P/E ratio of -14.69 and a beta of 1.16. The company’s fifty day moving average price is $4.74 and its 200-day moving average price is $2.31.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 10,081,459 shares of company stock worth $45,337,894 over the last 90 days. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently made changes to their positions in the company. State Street Corp lifted its position in 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 acquiring an additional 17,225 shares during the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of D-Wave Quantum during the second quarter worth $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum during the 3rd quarter valued at $42,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth $49,000. Finally, Rhumbline Advisers purchased a new position in D-Wave Quantum during the 2nd quarter worth $93,000. 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.