D-Wave Quantum (NYSE:QBTS) Stock Price Up 4.3% - Here's Why

D-Wave Quantum Inc. (NYSE:QBTS) saw a notable increase of 4.3% in its stock price during trading on Tuesday. The stock reached a peak price of $6.26 before settling at $6.01. In total, 31,676,898 shares were traded, marking a significant decrease of 67% from the average daily trading volume of 95,833,469 shares. The previous closing price for the stock was $5.76.

Analysts Predict Positive Growth

Several analysts have recently provided their insights regarding D-Wave Quantum's stock. Benchmark reaffirmed a "buy" rating and set a target price of $8.00 for the shares. On the same day, January 14th, B. Riley increased their target price from $4.50 to $9.00 and maintained a "buy" rating. Craig Hallum also raised their target from $2.50 to $9.00, giving it a "buy" rating on December 20th. Additionally, Roth MKM upped their target price from $3.00 to $7.00 with a "buy" classification on December 12th. Needham & Company LLC reissued a "buy" rating with a target price of $2.25 on November 15th. Currently, six research analysts have rated the stock as a "buy," leading to a consensus rating of "Buy" with an average price target of $6.38, according to MarketBeat.com.

D-Wave Quantum's Stock Performance

The company currently has a market capitalization of $1.55 billion, with a price-to-earnings (PE) ratio of -13.75 and a beta of 1.10. Over the past fifty days, the moving average price of the stock has been $6.09, while its 200-day moving average stands at $2.86.

Insider Transactions at D-Wave Quantum

In other news regarding company holdings, CEO Alan E. Baratz recently sold 8,372 shares of stock on January 23rd at an average price of $5.27, totaling about $44,120.44. After this transaction, he retains ownership of 2,342,208 shares valued at approximately $12,343,436.16, which is a 0.36% reduction in his holding. The transaction was disclosed to the SEC. Another major shareholder, Sector Pension Investme Public, sold 8,437,593 shares on December 12th, resulting in a total value of $35,522,266.53 at an average price of $4.21. Consequently, the insider owns 1,000,000 shares valued at roughly $4,210,000, reflecting an 89.40% decrease in their holdings. In the last three months, insiders have sold a total of 20,152,665 shares worth $92,096,075, indicating that corporate insiders currently control 7.22% of the stock.

Institutional Trading Activity

Recently, several large investors have modified their positions in D-Wave Quantum. SG Americas Securities LLC acquired a new position valued at approximately $42,000 in the third quarter. Similarly, Bogart Wealth LLC and Kingsview Wealth Management LLC have also bought stakes in the company valued at around $49,000 and $84,000, respectively. Additionally, Spire Wealth Management and Vontobel Holding Ltd. made new acquisitions in the fourth quarter, valued at $90,000 and $105,000, correspondingly. Collectively, hedge funds and institutional investors own 42.47% of D-Wave Quantum's stock.

About D-Wave Quantum

D-Wave Quantum Inc. specializes in the development and provision of quantum computing systems, software, and services on a global scale. The company offers various products, including the Advantage—a fifth-generation quantum computer, Ocean—a suite of open-source Python tools, and Leap—a cloud-based service that enables real-time access to a live quantum computer. This service also provides access to Advantage, hybrid solvers, the Ocean software development kit, live coding demos, educational resources, and fosters an active developer community.

D-Wave, Quantum, Stocks