D-Wave Quantum (NYSE:QBTS) Trading Up 6.9% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 6.9% during trading on Monday . The company traded as high as $10.45 and last traded at $9.77. Approximately 41,465,284 shares changed hands during trading, a decline of 23% from the average daily volume of 54,038,090 shares. The stock had previously closed at $9.14.

Analysts Set New Price Targets

Several brokerages have weighed in on QBTS. Roth Mkm increased 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 report on Thursday, December 12th. Craig Hallum increased their target price on shares of 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 boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Benchmark lifted their price objective on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Price Performance

The stock’s 50 day moving average is $4.54 and its 200-day moving average is $2.26. The company has a market capitalization of $1.64 billion, a P/E ratio of -14.52 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 10,081,459 shares of company stock valued at $45,337,894. 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. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum during the 2nd quarter valued at approximately $45,000. SG Americas Securities LLC purchased a new stake in shares of D-Wave Quantum in the third quarter worth $42,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum during the third quarter valued at $49,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the 2nd quarter worth about $93,000. Finally, Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $820,000. 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.