D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.9% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 1.9% during trading on Thursday . The company traded as high as $8.81 and last traded at $8.56. Approximately 23,331,656 shares changed hands during mid-day trading, an increase of 81% from the average daily volume of 12,869,937 shares. The stock had previously closed at $8.40.

Analyst Ratings Changes

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

D-Wave Quantum Stock Performance

The firm’s 50 day moving average is $4.20 and its 200-day moving average is $2.12. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -21.76 and a beta of 1.79.

Insiders Place Their Bets

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 10,081,459 shares of company stock worth $45,337,894. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of QBTS. Penserra Capital Management LLC increased its stake 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 buying an additional 839,942 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of D-Wave Quantum by 33.8% in the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. State Street Corp increased its position 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 worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Marshall Wace LLP acquired a new position in D-Wave Quantum in the 2nd quarter valued at $265,000. Finally, Bank of New York Mellon Corp purchased a new position in D-Wave Quantum in the 2nd quarter valued at $251,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.