D-Wave Quantum (NYSE:QBTS) Stock Price Up 10.8% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) were up 10.8% during mid-day trading on Wednesday . The stock traded as high as $6.00 and last traded at $5.91. Approximately 26,157,515 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 87,634,469 shares. The stock had previously closed at $5.33.

Analyst Ratings Changes

Several equities research analysts recently issued reports on QBTS shares. B. Riley lifted their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Friday. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm lifted their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Benchmark reaffirmed a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Finally, Craig Hallum boosted their target price on shares of 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $6.71.

D-Wave Quantum Stock Down 1.9 %

The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -15.18 and a beta of 1.10. The stock's 50-day simple moving average is $6.59 and its 200 day simple moving average is $3.18.

Insider Buying and Selling at D-Wave Quantum

In related news, CFO John M. Markovich sold 5,582 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 $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Sector Pension Investme Public sold 1,000,000 shares of the company's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $6.68, for a total transaction of $6,680,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock worth $92,096,075 over the last ninety days. Corporate insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in QBTS. Barclays PLC lifted its stake in shares of D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after buying an additional 89,894 shares during the last quarter. Silverleafe Capital Partners LLC bought a new position in D-Wave Quantum in the 4th quarter valued at about $820,000. Patriot Financial Group Insurance Agency LLC bought a new position in D-Wave Quantum in the 4th quarter valued at about $488,000. Stephens Inc. AR bought a new position in D-Wave Quantum in the 4th quarter valued at about $494,000. Finally, Geode Capital Management LLC increased its holdings in 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 period. 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.