D-Wave Quantum (NYSE:QBTS) Trading Up 10.6% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 10.6% during trading on Wednesday . The company traded as high as $6.53 and last traded at $6.55. 20,158,923 shares were traded during mid-day trading, a decline of 76% from the average session volume of 84,127,477 shares. The stock had previously closed at $5.92.

Analysts Set New Price Targets

Several equities analysts recently weighed in on QBTS shares. B. Riley raised their price target on shares of D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Craig Hallum raised their price target on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $6.71.

D-Wave Quantum Price Performance

The firm has a market cap of $1.68 billion, a P/E ratio of -14.87 and a beta of 1.10. The firm’s 50 day moving average is $6.75 and its 200 day moving average is $3.46.

Insider Buying and Selling

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 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was 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 90 days. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum in the 3rd quarter valued at about $42,000. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after purchasing an additional 839,942 shares during the last quarter. State Street Corp raised its holdings in 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 buying an additional 17,225 shares during the period. Barclays PLC lifted its position in 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 last quarter. Finally, Geode Capital Management LLC boosted its stake in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after buying an additional 645,039 shares during the period. Hedge funds and other institutional investors 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.