D-Wave Quantum (NYSE:QBTS) Shares Up 2.9% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 2.9% during mid-day trading on Wednesday . The company traded as high as $10.50 and last traded at $8.64. Approximately 93,603,545 shares were traded during trading, an increase of 855% from the average daily volume of 9,796,885 shares. The stock had previously closed at $8.40.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on QBTS shares. B. Riley upped their price objective 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. Roth Mkm upped their target price 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $3.71.

D-Wave Quantum Stock Performance

The firm has a fifty day moving average of $2.26 and a 200 day moving average of $1.47. The firm has a market capitalization of $2.25 billion, a PE ratio of -23.88 and a beta of 1.79.

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of D-Wave Quantum 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently made changes to their positions in QBTS. Penserra Capital Management LLC raised its position in shares of D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock valued at $4,409,000 after buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after purchasing an additional 645,039 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of D-Wave Quantum in the second quarter valued at $265,000. Bank of New York Mellon Corp bought a new position in D-Wave Quantum in the second quarter worth $251,000. Finally, Vanguard Group Inc. increased its stake in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after acquiring an additional 162,688 shares during the period. Institutional investors and hedge funds 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.