D-Wave Quantum (NYSE:QBTS) Trading 14% Higher – Here’s What Happened

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

Wall Street Analysts Forecast Growth

QBTS has been the subject of a number of research reports. B. Riley lifted their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm boosted their target price on 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 increased 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 analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $6.38.

D-Wave Quantum Price Performance

The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -14.51 and a beta of 1.16. The business’s 50 day moving average is $5.65 and its 200 day moving average is $2.65.

Insider Activity

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the 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 of the company’s stock, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

Large investors have recently bought and sold shares of the stock. Spire Wealth Management acquired a new stake in shares of D-Wave Quantum during the fourth quarter worth about $90,000. Sonora Investment Management Group LLC purchased a new position in D-Wave Quantum during the 4th quarter worth approximately $135,000. Strategic Advocates LLC acquired a new position in D-Wave Quantum during the fourth quarter worth approximately $148,000. Arkadios Wealth Advisors acquired a new position in D-Wave Quantum during the fourth quarter worth approximately $162,000. Finally, Sovereign Financial Group Inc. purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $179,000. 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.