D-Wave Quantum (NYSE:QBTS) Sees Unusually-High Trading Volume – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) saw an uptick in trading volume on Thursday . 26,853,042 shares changed hands during trading, a decline of 10% from the previous session’s volume of 29,828,906 shares.The stock last traded at $9.59 and had previously closed at $10.60.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QBTS. B. Riley lifted their price objective on D-Wave Quantum from $11.00 to $12.00 and gave the company a “buy” rating in a report on Friday, March 14th. Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research report on Friday, March 14th. Finally, Craig Hallum increased 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. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Trading Down 3.6 %

The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -19.94 and a beta of 1.12. The stock’s 50 day moving average is $6.31 and its 200 day moving average is $4.17.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The firm had revenue of $2.31 million for the quarter, compared to analyst estimates of $2.23 million. On average, sell-side analysts anticipate that D-Wave Quantum Inc. will post -0.41 EPS for the current year.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $4.07, for a total value of $29,624,260.16. Following the completion of the transaction, the insider now directly owns 30,000,000 shares in the company, valued at approximately $122,100,000. This represents a 19.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the 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 transaction, the chief financial officer now owns 1,064,556 shares in the company, valued at $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. Insiders sold a total of 10,071,206 shares of company stock valued at $46,758,181 over the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QBTS. Summit Investment Advisors Inc. boosted its position in shares of D-Wave Quantum by 20.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company’s stock worth $87,000 after acquiring an additional 1,766 shares during the last quarter. Invesco Ltd. raised its stake in D-Wave Quantum by 5.1% during the fourth quarter. Invesco Ltd. now owns 42,619 shares of the company’s stock worth $358,000 after purchasing an additional 2,051 shares during the period. Corebridge Financial Inc. boosted its holdings in shares of D-Wave Quantum by 5.0% in the 4th quarter. Corebridge Financial Inc. now owns 49,174 shares of the company’s stock valued at $413,000 after purchasing an additional 2,342 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at $26,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of D-Wave Quantum by 38.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 13,060 shares of the company’s stock worth $110,000 after buying an additional 3,660 shares during the last quarter. 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.