D-Wave Quantum (NYSE:QBTS) Trading 2.2% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS)’s share price traded up 2.2% during trading on Friday . The stock traded as high as $11.41 and last traded at $10.12. 69,994,977 shares changed hands during trading, an increase of 467% from the average session volume of 12,353,021 shares. The stock had previously closed at $9.90.

Analysts Set New Price Targets

QBTS has been the topic of a number of analyst reports. Benchmark increased their price objective on shares of D-Wave Quantum from $3.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Craig Hallum lifted their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Roth Mkm increased their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and issued a $2.25 target price on shares of D-Wave Quantum in a research report on Friday, November 15th. Finally, B. Riley boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $5.63.

D-Wave Quantum Stock Performance

The company has a market cap of $2.22 billion, a P/E ratio of -23.60 and a beta of 1.79. The stock has a 50 day moving average price of $3.41 and a 200 day moving average price of $1.86.

Insider Activity

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction on 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 sale, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 10,081,459 shares of company stock worth $45,337,894. Corporate insiders own 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Penserra Capital Management LLC boosted its holdings in shares of D-Wave Quantum by 23.0% in the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after buying an additional 839,942 shares during the period. Geode Capital Management LLC lifted its position in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Marshall Wace LLP acquired a new position in D-Wave Quantum in the 2nd quarter worth approximately $265,000. Bank of New York Mellon Corp purchased a new position in D-Wave Quantum during the 2nd quarter worth approximately $251,000. Finally, Squarepoint Ops LLC acquired a new stake in D-Wave Quantum during the 2nd quarter valued at $163,000. 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.