D-Wave Quantum (NYSE:QBTS) Trading Up 11.9% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price was up 11.9% during trading on Friday . The stock traded as high as $6.39 and last traded at $6.31. Approximately 37,408,643 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 99,151,547 shares. The stock had previously closed at $5.64.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. 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 research report on Friday, December 20th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday, January 14th. Roth Mkm boosted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. B. Riley boosted their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Trading Up 8.0 %

The stock has a market cap of $1.64 billion, a P/E ratio of -14.53 and a beta of 1.16. The stock’s 50-day moving average is $5.97 and its 200-day moving average is $2.77.

Insider Transactions at D-Wave Quantum

In related news, 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 completion of the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the sale, the insider now directly owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,152,665 shares of company stock valued at $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Large investors have recently made changes to their positions in the company. Truist Financial Corp acquired a new stake in D-Wave Quantum during the 4th quarter worth about $108,000. bLong Financial LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at about $192,000. Rhumbline Advisers increased its position in D-Wave Quantum by 75.6% in the 4th quarter. Rhumbline Advisers now owns 133,405 shares of the company’s stock worth $1,121,000 after purchasing an additional 57,438 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in D-Wave Quantum in the 4th quarter worth about $105,000. Finally, UNICOM Systems Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter worth about $20,258,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.