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

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) saw strong trading volume on Thursday . 26,853,042 shares changed 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.

Analyst Ratings Changes

A number of brokerages have commented on QBTS. Needham & Company LLC reaffirmed a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. B. Riley boosted their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Benchmark restated a "buy" rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Roth Mkm increased their target price on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, March 14th. Finally, Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The firm has a market cap of $2.25 billion, a P/E ratio of -19.94 and a beta of 1.12. The stock has a fifty day simple moving average of $6.31 and a 200 day simple moving average of $4.22.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). The business had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. Research analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This represents a 0.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the sale, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Company insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Investment Advisors Inc. increased its position in D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after buying an additional 1,766 shares in the last quarter. Invesco Ltd. increased its holdings in D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after acquiring an additional 2,051 shares in the last quarter. Corebridge Financial Inc. increased its holdings in D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after acquiring an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum during the 4th quarter worth approximately $26,000. Finally, Steward Partners Investment Advisory LLC lifted its holdings in D-Wave Quantum by 38.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock valued at $110,000 after purchasing an additional 3,660 shares in the last quarter. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

D-Wave Quantum Company Profile

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.