D-Wave Quantum (NYSE:QBTS) Trading 3.6% Higher – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 3.6% during trading on Tuesday . The company traded as high as $18.88 and last traded at $18.6910. Approximately 19,115,244 shares changed hands during trading, a decline of 43% from the average daily volume of 33,276,551 shares. The stock had previously closed at $18.05.

Analyst Upgrades and Downgrades

QBTS has been the topic of several recent research reports. Wall Street Zen lowered D-Wave Quantum from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Canaccord Genuity Group set a $43.00 target price on shares of D-Wave Quantum in a research note on Thursday, January 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $48.00 price target on shares of D-Wave Quantum in a research note on Thursday, January 29th. Zacks Research upgraded shares of D-Wave Quantum from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Roth Mkm set a $40.00 target price on D-Wave Quantum in a research note on Thursday, November 6th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.21.

D-Wave Quantum Trading Up 3.6%

The stock has a market cap of $6.91 billion, a price-to-earnings ratio of -13.85 and a beta of 1.56. The business’s fifty day simple moving average is $24.72 and its 200 day simple moving average is $24.95. The company has a debt-to-equity ratio of 0.05, a current ratio of 54.68 and a quick ratio of 54.49.

Insider Activity

In related news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $28.06, for a total value of $982,464.78. Following the sale, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. This trade represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kirstjen Nielsen sold 7,000 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $22.62, for a total value of $158,340.00. Following the completion of the sale, the director directly owned 112,673 shares in the company, valued at $2,548,663.26. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,074,466 shares of company stock valued at $31,558,806 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of D-Wave Quantum

A number of large investors have recently modified their holdings of QBTS. Baird Financial Group Inc. boosted its stake in D-Wave Quantum by 12.0% during the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock valued at $92,000 after purchasing an additional 1,300 shares during the period. Royal Bank of Canada increased its position in D-Wave Quantum by 59.8% in the 1st quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock valued at $1,231,000 after acquiring an additional 60,668 shares during the period. AQR Capital Management LLC increased its position in D-Wave Quantum by 201.0% in the 1st quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock valued at $1,526,000 after acquiring an additional 134,066 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock valued at $825,000 after acquiring an additional 52,437 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in D-Wave Quantum by 125.7% during the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock worth $333,000 after acquiring an additional 24,382 shares during the period. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.