D-Wave Quantum (NYSE:QBTS) Shares Up 4.3% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price shot up 4.3% during mid-day trading on Tuesday . The company traded as high as $6.26 and last traded at $6.01. 31,676,898 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 95,833,469 shares. The stock had previously closed at $5.76.

Analysts Set New Price Targets

A number of analysts recently weighed in on QBTS shares. Craig Hallum boosted their target price 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm upped 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 reissued a "buy" rating and set a $8.00 target price on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Finally, B. Riley raised 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum currently has an average rating of "Buy" and an average price target of $6.38.

D-Wave Quantum Stock Performance

The company has a market cap of $1.68 billion, a PE ratio of -14.89 and a beta of 1.10. The stock's 50 day moving average price is $6.15 and its 200-day moving average price is $2.89.

Insider Activity at D-Wave Quantum

In other news, CFO John M. Markovich sold 5,582 shares of the company's stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares of the company's stock, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 1,000,000 shares of the company's stock, valued at $4,210,000. The trade was 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 90 days. 7.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC grew its stake in D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after acquiring an additional 839,942 shares in the last quarter. Geode Capital Management LLC raised its holdings in D-Wave Quantum by 33.8% in the third 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 period. UNICOM Systems Inc. acquired a new position in D-Wave Quantum during the 4th quarter worth approximately $20,258,000. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after purchasing an additional 17,225 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of D-Wave Quantum in the second quarter valued at about $265,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.