D-Wave Quantum (NYSE:QBTS) Shares Up 1.9% – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) shot up 1.9% during mid-day trading on Thursday . The company traded as high as $8.81 and last traded at $8.56. 23,331,656 shares changed hands during trading, an increase of 81% from the average session volume of 12,869,937 shares. The stock had previously closed at $8.40.

Analysts Set New Price Targets

A number of equities analysts have recently commented on QBTS shares. Benchmark lifted their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. B. Riley increased their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Roth Mkm raised their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Price Performance

The stock has a market cap of $2.46 billion, a PE ratio of -21.76 and a beta of 1.79. The business has a fifty day moving average of $4.20 and a 200-day moving average of $2.12.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This trade represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is currently owned by company insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in D-Wave Quantum in the third quarter valued at approximately $42,000. Thoroughbred Financial Services LLC acquired a new stake in shares of D-Wave Quantum in the 2nd quarter worth $45,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth $49,000. Rhumbline Advisers purchased a new position in D-Wave Quantum during the 2nd quarter worth $93,000. Finally, Barclays PLC increased its position 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 buying an additional 89,894 shares in the last quarter. Hedge funds and other institutional investors 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.