D-Wave Quantum (NYSE:QBTS) Trading Up 14% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report)'s share price traded up 14% during mid-day trading on Friday . The stock traded as high as $6.86 and last traded at $6.88. 52,471,384 shares were traded during mid-day trading, a decline of 52% from the average session volume of 109,127,320 shares. The stock had previously closed at $6.03.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Benchmark reaffirmed a "buy" rating and issued a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday, January 14th. 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 report on Friday, December 20th. B. Riley lifted their target price 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm lifted their target price on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $6.38.

D-Wave Quantum Price Performance

The firm's 50-day moving average is $5.65 and its 200-day moving average is $2.66. The company has a market capitalization of $1.64 billion, a P/E ratio of -14.51 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the completion of the sale, the insider now directly owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Large investors have recently added to or reduced their stakes in the business. Spire Wealth Management bought a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $90,000. Sonora Investment Management Group LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $135,000. Strategic Advocates LLC purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $148,000. Arkadios Wealth Advisors purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $162,000. Finally, Sovereign Financial Group Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth $179,000. 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.