D-Wave Quantum (NYSE:QBTS) Trading Up 6.5% – Here’s What Happened

by · The Markets Daily

D-Wave Quantum Inc. (NYSE:QBTS – Get Free Report)’s share price rose 6.5% during trading on Tuesday . The company traded as high as $4.93 and last traded at $4.93. Approximately 13,986,055 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 75,842,375 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

Several equities analysts have commented on QBTS shares. Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. 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. B. Riley upped their price objective on shares of D-Wave Quantum from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Craig Hallum lifted their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $6.71.

Read Our Latest Report on D-Wave Quantum

D-Wave Quantum Trading Up 9.9 %

The firm has a market capitalization of $1.37 billion, a P/E ratio of -12.14 and a beta of 1.12. The business’s 50 day simple moving average is $6.21 and its two-hundred day simple moving average is $3.73.

Insider Activity at D-Wave Quantum

In related news, CEO Alan E. Baratz sold 8,372 shares of the stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Markovich sold 5,582 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total value of $29,417.14. Following the completion of the transaction, the chief financial officer now directly owns 1,064,556 shares of the company’s stock, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,508,799 shares of company stock valued at $88,960,447 over the last 90 days. Corporate insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of D-Wave Quantum by 103.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,322 shares of the company’s stock worth $59,794,000 after acquiring 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 purchasing an additional 839,942 shares during the period. Geode Capital Management LLC grew its stake 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 valued at $24,992,000 after purchasing an additional 418,468 shares during the period. Bank of America Corp DE lifted its stake 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 purchasing an additional 2,497,263 shares during the period. Finally, UNICOM Systems Inc. purchased a new position in shares of D-Wave Quantum in the fourth quarter worth approximately $20,258,000. 42.47% of the stock is currently owned by hedge funds and other institutional investors.

About D-Wave Quantum

(Get Free Report)

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.

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