D-Wave Quantum (NYSE:QBTS) Stock Price Up 11.6% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 11.6% during trading on Tuesday . The company traded as high as $6.06 and last traded at $5.88. 47,782,685 shares were traded during mid-day trading, a decline of 56% from the average session volume of 107,555,906 shares. The stock had previously closed at $5.27.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. B. Riley increased 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. Benchmark reissued a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a report on Tuesday, January 14th. Craig Hallum upped their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Roth Mkm lifted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Needham & Company LLC restated a “buy” rating and set 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 data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $6.38.

D-Wave Quantum Stock Down 3.7 %

The stock’s fifty day moving average is $5.48 and its two-hundred day moving average is $2.59. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -14.33 and a beta of 1.16.

Insiders Place Their Bets

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 20,138,711 shares of company stock worth $92,022,537 in the last 90 days. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp acquired a new position in D-Wave Quantum during the 2nd quarter valued at about $251,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the second quarter valued at approximately $93,000. XTX Topco Ltd bought a new stake in D-Wave Quantum during the second quarter worth $163,000. Marshall Wace LLP purchased a new stake in D-Wave Quantum in the 2nd quarter valued at $265,000. Finally, Squarepoint Ops LLC bought a new position in D-Wave Quantum during the 2nd quarter valued at $163,000. 42.47% of the stock is owned by institutional investors.

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.