D-Wave Quantum (NYSE:QBTS) Shares Up 6.5% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price was up 6.5% during trading on Tuesday . The company traded as high as $4.93 and last traded at $4.93. Approximately 13,986,055 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 75,842,375 shares. The stock had previously closed at $4.63.

Analysts Set New Price Targets

QBTS has been the topic of several analyst reports. Roth Mkm boosted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. B. Riley boosted their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Craig Hallum raised 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. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, Benchmark reissued a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Six 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 a consensus price target of $6.71.

D-Wave Quantum Trading Up 18.5 %

The stock has a 50 day moving average of $6.10 and a 200-day moving average of $3.78. The stock has a market capitalization of $1.86 billion, a P/E ratio of -16.42 and a beta of 1.12.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). Research analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the sale, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $44,120.44. Following the transaction, the chief executive officer now directly owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,071,206 shares of company stock valued at $53,438,181 in the last three months. Company insiders own 7.22% of the company's stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently modified their holdings of QBTS. Penserra Capital Management LLC lifted its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock worth $4,409,000 after buying an additional 839,942 shares during the period. State Street Corp raised its position 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 worth $1,986,000 after acquiring an additional 17,225 shares in the last quarter. 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 purchasing an additional 89,894 shares during the last quarter. Geode Capital Management LLC boosted its position in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock valued at $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Finally, Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at about $820,000. 42.47% of the stock is currently owned by 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.

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