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

D-Wave Quantum Inc. (NYSE:QBTS) shot up 6.6% during mid-day 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.

Analysts Set New Price Targets

A number of research analysts have issued reports on QBTS shares. Craig Hallum upped 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. Needham & Company LLC restated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. B. Riley upped their target price on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday. Finally, Roth Mkm upped their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $6.71.

D-Wave Quantum Trading Down 1.9 %

The business has a 50 day moving average price of $6.59 and a 200 day moving average price of $3.15. The company has a market capitalization of $1.72 billion, a P/E ratio of -15.18 and a beta of 1.10.

Insider Buying and Selling

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the company’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 transaction of $44,120.44. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Markovich sold 5,582 shares of the company’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 transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $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 three months, insiders sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 103.7% in the 4th quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after buying an additional 3,624,407 shares during the last quarter. UNICOM Systems Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $20,258,000. Penserra Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after buying an additional 645,039 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $2,087,000. 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.