D-Wave Quantum (NYSE:QBTS) Sees Large Volume Increase – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) saw strong trading volume on Thursday . 26,853,042 shares changed hands during mid-day trading, a decline of 10% from the previous session’s volume of 29,828,906 shares.The stock last traded at $9.59 and had previously closed at $10.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Craig Hallum lifted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. B. Riley lifted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.42.

D-Wave Quantum Stock Performance

The firm has a 50-day moving average price of $6.31 and a two-hundred day moving average price of $4.17. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to the consensus estimate of $2.23 million. Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of D-Wave Quantum stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now directly owns 30,000,000 shares of the company’s stock, valued at $122,100,000. The trade was a 19.53 % decrease in their position. 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 company’s stock in a transaction on Thursday, January 23rd. The shares were 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 approximately $12,343,436.16. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 over the last ninety days. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of QBTS. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum during the 4th quarter valued at approximately $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors acquired a new position in shares of D-Wave Quantum in the fourth quarter valued at approximately $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth approximately $84,000. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of D-Wave Quantum by 20.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after purchasing an additional 1,766 shares during the period. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.