D-Wave Quantum (NYSE:QBTS) Trading 3.1% Higher – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 3.1% on Monday . The stock traded as high as $6.94 and last traded at $6.54. 20,940,905 shares were traded during mid-day trading, a decline of 36% from the average session volume of 32,655,900 shares. The stock had previously closed at $6.34.

Wall Street Analyst Weigh In

QBTS has been the subject of several research analyst reports. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. B. Riley upped their price objective on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Roth Mkm raised their target price on shares of D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 target price on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.42.

D-Wave Quantum Stock Performance

The stock’s fifty day simple moving average is $6.76 and its two-hundred day simple moving average is $4.74. The stock has a market capitalization of $1.92 billion, a P/E ratio of -15.69 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) EPS 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 the consensus estimate of $2.23 million. As a group, analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 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 value of $44,120.44. Following the transaction, the chief executive officer now owns 2,342,208 shares in the company, valued at $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sector Pension Investme Public sold 7,278,688 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $4.07, for a total transaction of $29,624,260.16. Following the sale, the insider now directly owns 30,000,000 shares in the company, valued at $122,100,000. This trade represents a 19.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,071,206 shares of company stock worth $46,758,181. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fourth Dimension Wealth LLC acquired a new stake in D-Wave Quantum during the fourth quarter worth approximately $26,000. PNC Financial Services Group Inc. bought a new position in shares of D-Wave Quantum during the 4th quarter worth approximately $38,000. Heritage Wealth Advisors acquired a new stake in shares of D-Wave Quantum during the 4th quarter worth approximately $67,000. GAMMA Investing LLC increased its stake in shares of D-Wave Quantum by 4,019.5% in the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company’s stock valued at $80,000 after acquiring an additional 10,330 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new position in shares of D-Wave Quantum during the 4th quarter valued at $84,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.