D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume – Here’s Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS) saw unusually-high trading volume on Thursday . Approximately 17,080,064 shares were traded during trading, an increase of 33% from the previous session’s volume of 12,869,937 shares.The stock last traded at $8.63 and had previously closed at $8.40.

Analysts Set New Price Targets

QBTS has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. B. Riley raised their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Benchmark boosted their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Stock Down 4.9 %

The business’s fifty day moving average is $4.20 and its 200-day moving average is $2.12. The company has a market cap of $2.46 billion, a PE ratio of -21.76 and a beta of 1.79.

Insider Transactions at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares in the company, valued at $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 10,081,459 shares of company stock worth $45,337,894 in the last 90 days. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently bought and sold shares of the stock. State Street Corp increased its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Thoroughbred Financial Services LLC bought a new position in D-Wave Quantum in the 2nd quarter worth $45,000. SG Americas Securities LLC purchased a new stake in D-Wave Quantum in the 3rd quarter worth $42,000. Bogart Wealth LLC bought a new stake in D-Wave Quantum during the third quarter valued at about $49,000. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum in the second quarter valued at about $93,000. 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.