D-Wave Quantum (NYSE:QBTS) Trading Up 0.2% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 0.2% on Tuesday . The company traded as high as $8.54 and last traded at $8.17. Approximately 31,084,987 shares traded hands during trading, an increase of 166% from the average daily volume of 11,696,327 shares. The stock had previously closed at $8.15.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. B. Riley upped their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Benchmark upped their target price on D-Wave Quantum from $3.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm raised their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Craig Hallum upped their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum presently has an average rating of “Buy” and an average price target of $5.63.

D-Wave Quantum Trading Down 2.5 %

The business has a 50-day moving average of $3.06 and a 200 day moving average of $1.73. The firm has a market capitalization of $1.78 billion, a P/E ratio of -18.93 and a beta of 1.79.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now owns 18,730,193 shares in the company, valued at approximately $91,216,039.91. This represents a 3.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 10,081,459 shares of company stock valued at $45,337,894. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in QBTS. State Street Corp lifted its position in D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new stake in shares of D-Wave Quantum in the second quarter worth approximately $45,000. SG Americas Securities LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at approximately $42,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum in the third quarter valued at approximately $49,000. Finally, Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the second quarter valued at approximately $93,000. 42.47% of the stock is currently owned by institutional investors and hedge funds.

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.