D-Wave Quantum (NYSE:QBTS) Shares Up 3.5% - Here's Why

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

Analysts Set New Price Targets

A number of research analysts recently commented on QBTS shares. Craig Hallum boosted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. B. Riley boosted their price target on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and set a $8.50 price objective on shares of D-Wave Quantum in a report on Wednesday. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Finally, Benchmark reaffirmed a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $8.42.

D-Wave Quantum Stock Down 12.2 %

The business has a 50-day simple moving average of $6.74 and a 200-day simple moving average of $4.61. The stock has a market cap of $1.83 billion, a P/E ratio of -14.98 and a beta of 1.12.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released 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 for the quarter, compared to the consensus estimate of $2.23 million. On average, analysts predict that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company's stock, valued at approximately $12,343,436.16. This represents a 0.36 % 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 this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the business'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 transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,071,206 shares of company stock valued at $46,758,181 in the last 90 days. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. grew its holdings in shares of D-Wave Quantum by 20.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock worth $87,000 after purchasing an additional 1,766 shares in the last quarter. Invesco Ltd. lifted its position in D-Wave Quantum by 5.1% in the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company's stock worth $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. boosted its stake in D-Wave Quantum by 5.0% during the fourth quarter. Corebridge Financial Inc. now owns 49,174 shares of the company's stock worth $413,000 after buying an additional 2,342 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in D-Wave Quantum in the 4th quarter valued at $26,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in D-Wave Quantum by 38.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company's stock valued at $110,000 after buying an additional 3,660 shares during the period. 42.47% of the stock is currently owned by 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.