Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) rose 3.8% during trading on Thursday . The company traded as high as $6.04 and last traded at $5.73. Approximately 28,044,069 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 101,158,094 shares. The stock had previously closed at $5.52.
Analyst Ratings Changes
A number of analysts have recently weighed in on the company. B. Riley increased their price target on D-Wave Quantum from $4.50 to $9.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Benchmark reiterated a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC restated a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Craig Hallum boosted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Finally, Roth Mkm upped 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 report on Thursday, December 12th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of "Buy" and a consensus target price of $6.38.
Check Out Our Latest Report on D-Wave Quantum
D-Wave Quantum Stock Performance
The business has a 50 day simple moving average of $5.90 and a 200-day simple moving average of $2.75. The stock has a market capitalization of $1.51 billion, a P/E ratio of -13.41 and a beta of 1.16.
Insider Activity at D-Wave Quantum
In other D-Wave Quantum news, CFO John M. Markovich sold 5,582 shares of the company'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 value of $29,417.14. Following the transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares of the company's stock, valued at approximately $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,152,665 shares of company stock worth $92,096,075 in the last quarter. 7.22% of the stock is owned by company insiders.
Institutional Trading of D-Wave Quantum
A number of institutional investors and hedge funds have recently modified their holdings of QBTS. UNICOM Systems Inc. bought a new stake in shares of D-Wave Quantum in the fourth quarter valued at approximately $20,258,000. Penserra Capital Management LLC boosted its holdings in D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after purchasing an additional 839,942 shares during the period. Geode Capital Management LLC grew its position 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 worth $2,513,000 after purchasing an additional 645,039 shares during the last quarter. Marshall Wace LLP bought a new position in shares of D-Wave Quantum during the 2nd quarter worth about $265,000. Finally, Squarepoint Ops LLC acquired a new position in shares of D-Wave Quantum during the second quarter valued at about $163,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.
About D-Wave Quantum
(
Get Free Report)
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.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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