D-Wave Quantum (NYSE:QBTS) Shares Up 6.6% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 6.6% during trading on Thursday . The stock traded as high as $6.39 and last traded at $6.44. 22,854,368 shares were traded during trading, a decline of 74% from the average session volume of 86,878,313 shares. The stock had previously closed at $6.04.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. 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. Benchmark restated a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley raised their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Trading Up 5.0 %

The firm’s fifty day simple moving average is $6.51 and its 200 day simple moving average is $3.08. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -15.06 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s 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 completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,152,665 shares of company stock worth $92,096,075 in the last 90 days. 7.22% of the stock is owned by insiders.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC lifted its holdings in D-Wave Quantum by 298.3% in the third 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. Silverleafe Capital Partners LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth about $820,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in D-Wave Quantum in the fourth quarter worth about $488,000. Geode Capital Management LLC lifted its holdings 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 period. Finally, State Street Corp lifted its holdings in D-Wave Quantum by 0.9% in 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 during the period. Institutional investors 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.