D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares saw unusually-high trading volume on Thursday . Approximately 26,853,042 shares traded hands during trading, a decline of 10% from the previous session’s volume of 29,828,906 shares.The stock last traded at $9.59 and had previously closed at $10.60.

Wall Street Analyst Weigh In

QBTS has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $8.50 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley upped their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of D-Wave Quantum in a report on Friday, March 14th. Roth Mkm upped their price objective on shares of D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Finally, 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 note on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The business’s 50 day moving average is $6.20 and its 200 day moving average is $4.09. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -23.47 and a beta of 1.12.

Insider Buying and Selling

In other news, major shareholder Sector Pension Investme Public sold 2,778,564 shares of D-Wave Quantum stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the transaction, the insider now owns 37,278,688 shares of the company’s stock, valued at $228,891,144.32. This trade represents a 6.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 5,582 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 $29,417.14. Following the sale, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 11,071,206 shares of company stock worth $53,438,181. 7.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the period. Silverleafe Capital Partners LLC bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $820,000. Truist Financial Corp acquired a new stake in shares of D-Wave Quantum in the fourth quarter worth $108,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of D-Wave Quantum during the 4th quarter worth about $488,000. Finally, Jones Financial Companies Lllp raised its position in shares of D-Wave Quantum by 341.7% during the fourth quarter. Jones Financial Companies Lllp now owns 23,688 shares of the company’s stock valued at $199,000 after buying an additional 18,325 shares during the last quarter. 42.47% of the stock is owned by institutional investors and hedge funds.

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.