D-Wave Quantum (NYSE:QBTS) Trading Up 3.8% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s stock price traded up 3.8% during mid-day trading on Thursday . The stock traded as high as $6.04 and last traded at $5.73. 28,044,069 shares were traded during trading, a decline of 72% from the average session volume of 101,158,094 shares. The stock had previously closed at $5.52.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on QBTS. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Benchmark reissued a "buy" rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. B. Riley lifted their target price on D-Wave Quantum from $4.50 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Craig Hallum upped their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, Roth Mkm increased their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. 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 a consensus target price of $6.38.

D-Wave Quantum Trading Up 0.4 %

The company's 50-day moving average is $6.09 and its 200 day moving average is $2.86. The stock has a market capitalization of $1.56 billion, a PE ratio of -13.77 and a beta of 1.10.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The stock was 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 in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John M. Markovich sold 5,582 shares of D-Wave Quantum stock in a transaction that occurred on Thursday, January 23rd. The shares were 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 of the company's stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,152,665 shares of company stock worth $92,096,075. Company 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. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the third quarter worth approximately $42,000. Bogart Wealth LLC acquired a new stake in D-Wave Quantum during the 3rd quarter worth $49,000. Kingsview Wealth Management LLC purchased a new stake in shares of D-Wave Quantum during the fourth quarter worth $84,000. Spire Wealth Management acquired a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $90,000. Finally, Vontobel Holding Ltd. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth about $105,000. 42.47% of the stock is currently 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.