D-Wave Quantum (NYSE:QBTS) Trading 3.5% Higher - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares rose 3.5% during mid-day trading on Tuesday . The company traded as high as $7.92 and last traded at $7.87. Approximately 19,625,688 shares changed hands during trading, a decline of 76% from the average daily volume of 83,101,250 shares. The stock had previously closed at $7.60.

Analyst Upgrades and Downgrades

QBTS has been the topic of several research reports. Needham & Company LLC reiterated a "buy" rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday. B. Riley raised their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, March 14th. Roth Mkm boosted their price target on D-Wave Quantum from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark reaffirmed a "buy" rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $8.42.

D-Wave Quantum Stock Down 2.4 %

The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -17.06 and a beta of 1.12. The firm has a fifty day moving average price of $6.71 and a 200-day moving average price of $4.59.

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D-Wave Quantum (NYSE:QBTS - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to analysts' expectations of $2.23 million. Equities research analysts anticipate that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated 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 of the company's stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $6.14, for a total transaction of $17,060,382.96. Following the sale, the insider now directly owns 37,278,688 shares of the company's stock, valued at approximately $228,891,144.32. This trade represents a 6.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,071,206 shares of company stock valued at $46,758,181. Insiders own 7.22% of the company's stock.

Institutional Investors Weigh In On D-Wave Quantum

Several institutional investors have recently bought and sold shares of QBTS. State Street Corp lifted its holdings in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Barclays PLC boosted its position in shares of D-Wave Quantum by 298.3% in the third 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 period. Geode Capital Management LLC grew its stake in shares of 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 valued at $2,513,000 after buying an additional 645,039 shares in the last quarter. Silverleafe Capital Partners LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at about $820,000. Finally, Sovereign Financial Group Inc. acquired a new position in D-Wave Quantum during the 4th quarter worth approximately $179,000. 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.