D-Wave Quantum (NYSE:QBTS) Trading 10.8% Higher - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) were up 10.8% on Friday . The company traded as high as $18.35 and last traded at $18.25. Approximately 33,511,429 shares were traded during trading, a decline of 24% from the average daily volume of 44,369,967 shares. The stock had previously closed at $16.47.

Analyst Upgrades and Downgrades

QBTS has been the topic of several analyst reports. B. Riley increased their target price on D-Wave Quantum from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Friday, March 14th. Benchmark increased their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Needham & Company LLC raised their target price on D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, March 14th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, D-Wave Quantum presently has an average rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Price Performance

The company has a 50 day simple moving average of $10.56 and a 200-day simple moving average of $7.83. The stock has a market cap of $5.24 billion, a P/E ratio of -42.71 and a beta of 1.49.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The company had revenue of $15.00 million during the quarter, compared to the consensus estimate of $10.50 million. As a group, research analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Roger Biscay sold 15,675 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $16.58, for a total transaction of $259,891.50. Following the completion of the transaction, the director now directly owns 203,147 shares in the company, valued at approximately $3,368,177.26. This represents a 7.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Markovich sold 400,000 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $17.30, for a total value of $6,920,000.00. Following the completion of the sale, the chief financial officer now owns 1,577,944 shares in the company, valued at approximately $27,298,431.20. The trade was a 20.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,358,009 shares of company stock valued at $23,282,578. 7.22% of the stock is owned by insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently bought and sold shares of QBTS. bLong Financial LLC increased its position in shares of D-Wave Quantum by 5.2% in the first quarter. bLong Financial LLC now owns 24,092 shares of the company's stock valued at $183,000 after buying an additional 1,200 shares in the last quarter. Baird Financial Group Inc. lifted its stake in shares of D-Wave Quantum by 12.0% in the 1st quarter. Baird Financial Group Inc. now owns 12,135 shares of the company's stock valued at $92,000 after purchasing an additional 1,300 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of D-Wave Quantum by 5.8% in the 1st quarter. Victory Capital Management Inc. now owns 31,097 shares of the company's stock valued at $236,000 after purchasing an additional 1,698 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of D-Wave Quantum by 20.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,347 shares of the company's stock valued at $87,000 after purchasing an additional 1,766 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of D-Wave Quantum by 5.1% in the 4th quarter. Invesco Ltd. now owns 42,619 shares of the company's stock valued at $358,000 after purchasing an additional 2,051 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.