D-Wave Quantum (NYSE:QBTS) Trading Up 12.7% - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) traded up 12.7% during trading on Tuesday . The company traded as high as $9.42 and last traded at $8.15. 95,119,793 shares traded hands during mid-day trading, an increase of 941% from the average session volume of 9,141,137 shares. The stock had previously closed at $7.23.

Analysts Set New Price Targets

QBTS has been the subject of a number of recent research reports. Needham & Company LLC reiterated a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley raised their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a research note on Monday, November 25th. Finally, Roth Mkm increased their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Six 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 target price of $3.71.

D-Wave Quantum Stock Performance

The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of -19.93 and a beta of 1.79. The company has a 50 day moving average price of $2.26 and a two-hundred day moving average price of $1.47.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction 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 transaction, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 7.22% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of D-Wave Quantum by 17.9% in the 1st quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company's stock valued at $2,183,000 after purchasing an additional 162,688 shares during the last quarter. Penserra Capital Management LLC grew its stake in 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 purchasing an additional 839,942 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of D-Wave Quantum during the 2nd quarter valued at approximately $163,000. Bank of New York Mellon Corp acquired a new position in D-Wave Quantum during the 2nd quarter worth $251,000. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 42.47% of the company's stock.

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.