D-Wave Quantum (NYSE:QBTS) Stock Price Up 5.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shot up 5.2% on Monday . The stock traded as high as $9.35 and last traded at $8.80. 43,184,045 shares were traded during trading, an increase of 39% from the average session volume of 30,992,161 shares. The stock had previously closed at $8.36.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on QBTS shares. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Craig Hallum upped their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm raised their price objective 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. Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, B. Riley boosted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $8.42.

D-Wave Quantum Stock Up 1.8 %

The firm has a 50 day moving average of $6.31 and a 200-day moving average of $4.22. The company has a market cap of $2.29 billion, a P/E ratio of -20.26 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million during the quarter, compared to analyst estimates of $2.23 million. On average, research analysts predict that D-Wave Quantum Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was 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 directly owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors have recently bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $26,000. PNC Financial Services Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at about $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter worth about $67,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth about $84,000. Finally, Summit Investment Advisors Inc. increased 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 valued at $87,000 after acquiring an additional 1,766 shares in the last quarter. 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.