D-Wave Quantum (NYSE:QBTS) Stock Price Up 11.2% – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price shot up 11.2% during trading on Thursday . The company traded as high as $9.38 and last traded at $8.84. 39,243,631 shares traded hands during mid-day trading, an increase of 230% from the average session volume of 11,885,464 shares. The stock had previously closed at $7.95.

Analyst Ratings Changes

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

D-Wave Quantum Trading Up 16.9 %

The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -22.12 and a beta of 1.79. The firm has a fifty day simple moving average of $3.06 and a 200 day simple moving average of $1.73.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 10,081,459 shares of company stock worth $45,337,894. 7.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QBTS. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum in the third quarter worth about $42,000. Thoroughbred Financial Services LLC acquired a new position in D-Wave Quantum during the 2nd quarter worth $45,000. Bogart Wealth LLC bought a new position in D-Wave Quantum in the 3rd quarter valued at $49,000. Rhumbline Advisers bought a new stake in shares of D-Wave Quantum during the second quarter worth $93,000. Finally, Barclays PLC lifted its stake in shares of D-Wave Quantum by 298.3% during the third quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after acquiring an additional 89,894 shares during the period. 42.47% of the stock is owned by 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.