D-Wave Quantum (NYSE:QBTS) Trading 0.5% Higher – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) was up 0.5% on Wednesday . The stock traded as high as $5.40 and last traded at $5.35. Approximately 11,913,600 shares traded hands during trading, a decline of 85% from the average daily volume of 79,530,063 shares. The stock had previously closed at $5.32.

Analyst Ratings Changes

A number of analysts have commented on QBTS shares. Roth Mkm upped 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. 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 research note on Friday, December 20th. Benchmark restated a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley increased their target price on D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research note on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Stock Performance

The firm’s fifty day simple moving average is $6.40 and its 200 day simple moving average is $3.64. The firm has a market cap of $1.40 billion, a P/E ratio of -12.37 and a beta of 1.12.

Insider Buying and Selling at D-Wave Quantum

In other news, CFO John M. Markovich sold 5,582 shares of the firm’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 value of $29,417.14. Following the completion of the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock worth $92,096,075 in the last quarter. 7.22% of the stock is owned by corporate insiders.

Institutional Trading of D-Wave Quantum

A number of institutional investors have recently bought and sold shares of the stock. Penserra Capital Management LLC raised its stake in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after acquiring an additional 839,942 shares during the period. State Street Corp raised its position in D-Wave Quantum by 0.9% in 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 period. Barclays PLC raised its position in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Geode Capital Management LLC lifted its stake in 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 purchasing an additional 645,039 shares during the last quarter. Finally, Silverleafe Capital Partners LLC purchased a new position in shares of D-Wave Quantum during the fourth quarter valued at approximately $820,000. 42.47% of the stock is currently owned by institutional investors.

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.