D-Wave Quantum (NYSE:QBTS) Sees Large Volume Increase - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) saw strong trading volume on Thursday . 28,195,002 shares traded hands during mid-day trading, an increase of 172% from the previous session's volume of 10,358,163 shares.The stock last traded at $7.77 and had previously closed at $8.96.

Wall Street Analysts Forecast Growth

QBTS has been the subject of several research reports. B. Riley increased their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a "buy" rating in a research report on Monday, November 25th. Needham & Company LLC restated a "buy" rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Roth Mkm upped their price objective 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $3.71.

D-Wave Quantum Price Performance

The firm's 50 day moving average price is $2.42 and its two-hundred day moving average price is $1.52. The stock has a market cap of $1.43 billion, a PE ratio of -15.17 and a beta of 1.79.

Insider Activity at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm's 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 directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade 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 can be accessed through the SEC website. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QBTS. Barclays PLC increased its holdings in shares of D-Wave Quantum by 298.3% in the third quarter. Barclays PLC now owns 120,029 shares of the company's stock worth $117,000 after purchasing an additional 89,894 shares during the period. Geode Capital Management LLC increased its stake in D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company's stock worth $2,513,000 after acquiring an additional 645,039 shares during the last quarter. State Street Corp raised its holdings in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company's stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of D-Wave Quantum by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company's stock valued at $4,409,000 after acquiring an additional 839,942 shares during the last quarter. Finally, Bogart Wealth LLC bought a new stake in shares of D-Wave Quantum during the 3rd quarter valued at about $49,000. 42.47% of the stock is currently owned by hedge funds and other 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.