D-Wave Quantum (NYSE:QBTS) Shares Up 2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) rose 2% during trading on Thursday . The company traded as high as $7.38 and last traded at $7.35. Approximately 13,181,748 shares were traded during trading, a decline of 60% from the average daily volume of 33,007,239 shares. The stock had previously closed at $7.20.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on QBTS shares. Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research report on Friday, March 14th. Craig Hallum upped their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price target on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Roth Mkm upped their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Finally, B. Riley boosted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, March 14th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Buy” and an average price target of $8.42.

D-Wave Quantum Price Performance

The stock has a 50-day moving average price of $6.90 and a two-hundred day moving average price of $4.93. The stock has a market cap of $2.11 billion, a PE ratio of -17.25 and a beta of 0.88.

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

Insider Buying and Selling

In other news, CEO Alan E. Baratz sold 8,372 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was 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 $12,343,436.16. This trade represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,292,642 shares of company stock worth $29,697,798. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of QBTS. Fourth Dimension Wealth LLC bought a new stake in shares of D-Wave Quantum during the fourth quarter worth $26,000. PNC Financial Services Group Inc. bought a new stake in D-Wave Quantum during the 4th quarter valued at about $38,000. Heritage Wealth Advisors purchased a new stake in D-Wave Quantum in the 4th quarter valued at about $67,000. GAMMA Investing LLC boosted its position in D-Wave Quantum by 4,019.5% in the 1st quarter. GAMMA Investing LLC now owns 10,587 shares of the company’s stock valued at $80,000 after buying an additional 10,330 shares during the period. Finally, Kingsview Wealth Management LLC bought a new position in D-Wave Quantum in the 4th quarter worth about $84,000. Hedge funds and other institutional investors 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.