D-Wave Quantum (NYSE:QBTS) Stock Price Up 0.5% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded up 0.5% during trading on Wednesday . The stock traded as high as $5.40 and last traded at $5.35. 11,913,600 shares were traded during mid-day trading, a decline of 85% from the average session volume of 79,530,063 shares. The stock had previously closed at $5.32.

Analyst Upgrades and Downgrades

A number of research firms recently commented on QBTS. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday, January 14th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm raised their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, B. Riley upped their target price on D-Wave Quantum from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $6.71.

D-Wave Quantum Trading Up 3.4 %

The business has a 50 day moving average of $6.54 and a 200-day moving average of $3.62. The stock has a market cap of $1.48 billion, a PE ratio of -13.27 and a beta of 1.10.

Insider Activity at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now owns 1,000,000 shares of the company’s stock, valued at $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at approximately $12,343,436.16. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,152,665 shares of company stock valued at $92,096,075 over the last quarter. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of QBTS. Vanguard Group Inc. grew its holdings in D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock valued at $59,794,000 after purchasing an additional 3,624,407 shares during the period. Penserra Capital Management LLC grew its stake in shares of D-Wave Quantum by 23.0% during the 3rd 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 period. Geode Capital Management LLC increased its holdings in shares of D-Wave Quantum by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 2,974,395 shares of the company’s stock worth $24,992,000 after buying an additional 418,468 shares during the last quarter. Bank of America Corp DE raised its position in shares of D-Wave Quantum by 4,912.4% in the 4th quarter. Bank of America Corp DE now owns 2,548,099 shares of the company’s stock worth $21,404,000 after buying an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. acquired a new position in D-Wave Quantum in the fourth quarter valued at $20,258,000. 42.47% of the stock is currently owned by hedge funds and other 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.