D-Wave Quantum (NYSE:QBTS) Shares Up 3.8% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares rose 3.8% during trading on Thursday . The company traded as high as $6.04 and last traded at $5.73. Approximately 28,044,069 shares were traded during trading, a decline of 72% from the average daily volume of 101,158,094 shares. The stock had previously closed at $5.52.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on QBTS. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley upped their price target 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. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum increased 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. Finally, Roth Mkm increased their price target 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. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Price Performance

The business’s 50 day simple moving average is $5.90 and its 200-day simple moving average is $2.75. The stock has a market capitalization of $1.51 billion, a P/E ratio of -13.41 and a beta of 1.16.

Insider Transactions at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total transaction of $44,120.44. Following the completion of the sale, the chief executive officer now owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,152,665 shares of company stock worth $92,096,075 in the last three months. Insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP bought a new stake in D-Wave Quantum during the 2nd quarter worth about $265,000. Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum during the 2nd quarter worth approximately $163,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter valued at approximately $42,000. Bogart Wealth LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter valued at approximately $49,000. Finally, Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares in the last quarter. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.