D-Wave Quantum (NYSE:QBTS) Trading 3.5% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) traded up 3.5% during trading on Tuesday . The stock traded as high as $7.92 and last traded at $7.87. 19,625,688 shares were traded during mid-day trading, a decline of 76% from the average session volume of 83,101,250 shares. The stock had previously closed at $7.60.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. B. Riley upped their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Craig Hallum upped their price objective 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. Roth Mkm increased their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research report on Wednesday. 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 a consensus price target of $8.42.

D-Wave Quantum Price Performance

The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -17.45 and a beta of 1.12. The business’s 50 day moving average is $6.71 and its 200 day moving average is $4.59.

D-Wave Quantum (NYSE:QBTS) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The business had revenue of $2.31 million during the quarter, compared to the consensus estimate of $2.23 million. As a group, analysts forecast that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Insider Activity at D-Wave Quantum

In other news, CEO Alan E. Baratz sold 8,372 shares of D-Wave Quantum stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $44,120.44. Following the sale, the chief executive officer now owns 2,342,208 shares in the company, valued at approximately $12,343,436.16. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Sector Pension Investme Public sold 2,778,564 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $6.14, for a total value of $17,060,382.96. Following the completion of the sale, the insider now directly owns 37,278,688 shares of the company’s stock, valued at $228,891,144.32. The trade was a 6.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,071,206 shares of company stock valued at $46,758,181 over the last three months. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QBTS. State Street Corp grew its position in shares of D-Wave Quantum by 0.9% during the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Barclays PLC boosted its stake in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after purchasing an additional 89,894 shares during the period. Geode Capital Management LLC grew its position in 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 during the last quarter. Silverleafe Capital Partners LLC acquired a new position in D-Wave Quantum in the fourth quarter valued at $820,000. Finally, Sovereign Financial Group Inc. purchased a new stake in shares of D-Wave Quantum in the fourth quarter valued at about $179,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

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.