D-Wave Quantum (NYSE:QBTS) Trading Up 6.9% - What's Next?

D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) shares traded up 6.9% during mid-day trading on Monday . The stock traded as high as $10.45 and last traded at $9.77. 41,465,284 shares changed hands during trading, a decline of 23% from the average session volume of 54,038,090 shares. The stock had previously closed at $9.14.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on QBTS shares. B. Riley upped their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a "buy" rating in a report on Monday, November 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm increased their price objective on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a "buy" rating in a report on Thursday, December 12th. Benchmark boosted their target price on D-Wave Quantum from $3.00 to $8.00 and gave the stock a "buy" rating in a report on Friday, December 20th. Finally, Craig Hallum upped their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $5.63.

D-Wave Quantum Trading Up 11.1 %

The firm's fifty day simple moving average is $4.37 and its two-hundred day simple moving average is $2.20. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -24.17 and a beta of 1.16.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the completion of the transaction, the insider now owns 1,000,000 shares of the company's stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 10,081,459 shares of company stock valued at $45,337,894. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in shares of D-Wave Quantum during the second quarter worth $251,000. Rhumbline Advisers purchased a new position in D-Wave Quantum during the 2nd quarter valued at about $93,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum in the 2nd quarter valued at about $45,000. XTX Topco Ltd acquired a new position in D-Wave Quantum in the 2nd quarter valued at about $163,000. Finally, Marshall Wace LLP purchased a new stake in D-Wave Quantum during the second quarter worth about $265,000. 42.47% of the stock is 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.