D-Wave Quantum (NYSE:QBTS) Trading 19.8% Higher – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s share price was up 19.8% during mid-day trading on Monday . The stock traded as high as $6.14 and last traded at $5.99. Approximately 54,103,875 shares were traded during trading, an increase of 550% from the average daily volume of 8,321,217 shares. The stock had previously closed at $5.00.

Analyst Ratings Changes

QBTS has been the topic of several recent analyst reports. B. Riley boosted their target price on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $3.71.

D-Wave Quantum Stock Up 15.8 %

The business’s 50-day simple moving average is $2.26 and its two-hundred day simple moving average is $1.47. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -19.93 and a beta of 1.79.

Insider Buying and Selling

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 7.22% of the stock is currently owned by corporate insiders.

Institutional Trading of D-Wave Quantum

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in shares of D-Wave Quantum in the third quarter valued at approximately $42,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the 2nd quarter valued at approximately $45,000. Bogart Wealth LLC acquired a new position in shares of D-Wave Quantum in the third quarter worth $49,000. Instrumental Wealth LLC increased its position in shares of D-Wave Quantum by 85.9% during the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after acquiring an additional 25,067 shares during the period. Finally, Rhumbline Advisers acquired a new stake in shares of D-Wave Quantum in the second quarter valued at $93,000. 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.