D-Wave Quantum (NYSE:QBTS) Trading Up 3.8% – What’s Next?

Shares of D-Wave Quantum Inc. (NYSE:QBTS) were up 3.8% on Thursday . The stock traded as high as $6.04 and last traded at $5.73. Approximately 28,044,069 shares changed hands during trading, a decline of 72% from the average daily volume of 101,158,094 shares. The stock had previously closed at $5.52.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Roth Mkm lifted their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. 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 note on Friday, December 20th. B. Riley upped their price target on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Benchmark reiterated a “buy” rating and issued 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 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Price Performance

The firm’s 50 day moving average is $6.03 and its 200 day moving average is $2.81. The company has a market cap of $1.60 billion, a PE ratio of -14.14 and a beta of 1.16.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the sale, the chief financial officer now owns 1,064,556 shares in the company, valued at $5,610,210.12. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,152,665 shares of company stock worth $92,096,075. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Several institutional investors have recently modified their holdings of QBTS. Kingsview Wealth Management LLC bought a new position in shares of D-Wave Quantum during the fourth quarter valued at about $84,000. Spire Wealth Management bought a new position in D-Wave Quantum during the 4th quarter worth approximately $90,000. Vontobel Holding Ltd. purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $105,000. Truist Financial Corp bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $108,000. Finally, Sonora Investment Management Group LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $135,000. 42.47% of the stock is currently owned by institutional investors.

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.