D-Wave Quantum (NYSE:QBTS) Shares Up 4.3% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded up 4.3% during mid-day trading on Tuesday . The company traded as high as $6.26 and last traded at $6.01. 31,676,898 shares changed hands during trading, a decline of 67% from the average session volume of 95,833,469 shares. The stock had previously closed at $5.76.

Wall Street Analyst Weigh In

QBTS has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Craig Hallum raised their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley lifted 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 note on Tuesday, January 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Stock Performance

The stock has a market capitalization of $1.61 billion, a P/E ratio of -14.23 and a beta of 1.10. The company’s fifty day simple moving average is $6.22 and its two-hundred day simple moving average is $2.92.

Insider Transactions at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the transaction, the insider now owns 30,000,000 shares in the company, valued at approximately $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $20,258,000. Penserra Capital Management LLC raised its position in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares in the last quarter. Geode Capital Management LLC lifted its stake in D-Wave Quantum by 33.8% during 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. Raymond James Financial Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at $2,087,000. Finally, Marshall Wace LLP bought a new position in shares of D-Wave Quantum in the 2nd quarter valued at $265,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.