D-Wave Quantum (NYSE:QBTS) Trading 6.6% Higher - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded up 6.6% on Thursday . The stock traded as high as $6.39 and last traded at $6.44. 22,854,368 shares traded hands during trading, a decline of 74% from the average session volume of 86,878,313 shares. The stock had previously closed at $6.04.

Analyst Ratings Changes

Several research firms have recently commented on QBTS. B. Riley upped their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a report on Friday. Benchmark reaffirmed a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum upped their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Needham & Company LLC reissued a "buy" rating and issued a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has a consensus rating of "Buy" and a consensus price target of $6.71.

D-Wave Quantum Stock Down 1.9 %

The business's fifty day simple moving average is $6.59 and its two-hundred day simple moving average is $3.16. The company has a market cap of $1.72 billion, a price-to-earnings ratio of -15.18 and a beta of 1.10.

Insiders Place Their Bets

In other news, CFO John M. Markovich sold 5,582 shares of the firm's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. 7.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum in the 4th quarter valued at $38,000. Heritage Wealth Advisors acquired a new stake in D-Wave Quantum in the fourth quarter valued at $67,000. Kingsview Wealth Management LLC acquired a new stake in D-Wave Quantum in the fourth quarter valued at $84,000. Ameritas Investment Partners Inc. raised its stake in shares of D-Wave Quantum by 20.6% during the 4th quarter. Ameritas Investment Partners Inc. now owns 10,347 shares of the company's stock worth $87,000 after buying an additional 1,766 shares during the last quarter. Finally, Spire Wealth Management acquired a new position in shares of D-Wave Quantum during the 4th quarter worth $90,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

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.