D-Wave Quantum (NYSE:QBTS) Trading Up 11.6% - What's Next?

The shares of D-Wave Quantum Inc. (NYSE:QBTS) saw a notable increase of 11.6% during mid-day trading on Tuesday. The stock reached a high of $6.06 before closing at $5.88. In total, 47,782,685 shares exchanged hands during this trading period, which represents a decrease of 56% from the average trading volume of 107,555,906 shares. The previous close was at $5.27.

Analyst Ratings Changes

In the wake of recent market changes, several equity research analysts have provided updated insights about D-Wave Quantum. Craig Hallum raised their target price for the stock from $2.50 to $9.00 and assigned it a "buy" rating on December 20. Benchmark reaffirmed its "buy" rating and established an $8.00 target on January 14. Additionally, Roth MKM increased its price target from $3.00 to $7.00 and labeled the stock a "buy" in a report issued on December 12. Needham & Company reissued its "buy" rating with a price target of $2.25 on November 15. Finally, B. Riley raised its target to $9.00, maintaining a "buy" position on January 14. Currently, six investment analysts have rated D-Wave Quantum as a buy, with an average target price of $6.38, according to MarketBeat.com.

Stock Overview

D-Wave Quantum's stock ended the day down by 3.7%. The company's 50-day moving average stands at $5.48, while its 200-day moving average is at $2.59. The market capitalization of the firm is currently $1.62 billion, and it has a negative PE ratio of -14.33 alongside a beta of 1.16.

Insider Transactions

Recently, major shareholders have made significant transactions regarding D-Wave stock. On January 13, a major shareholder, Sector Pension Investme Public, sold 7,278,688 shares at an average price of $4.07, resulting in a total transaction value of approximately $29,624,260.16. Following this sale, the insider continues to hold 30 million shares, valued around $122,100,000. This represents a decrease of 19.53% in their holdings. Over the last three months, insiders have sold a cumulative total of 20,138,711 shares valued at $92,022,537. It’s noteworthy that corporate insiders possess about 7.22% of the company’s stock.

Institutional Investor Insights

Institutional interest in D-Wave Quantum has also seen notable changes recently. Barclays PLC significantly increased its stake by 298.3% in the third quarter, now owning 120,029 shares valued at $117,000, following a purchase of an additional 89,894 shares. Silverleafe Capital Partners LLC established a new position in D-Wave Quantum valued at $820,000 in the fourth quarter. Geode Capital Management LLC expanded their stake by 33.8% during the same period, acquiring an extra 645,039 shares. State Street Corp raised their stake by 0.9%, holding 2,020,977 shares valued at $1,986,000 after acquiring 17,225 additional shares. Lastly, Penserra Capital Management LLC grew its position by 23.0%, now holding 4,485,777 shares worth approximately $4,409,000. Overall, around 42.47% of D-Wave Quantum stock is currently owned by institutional investors and hedge funds.

Company Background

D-Wave Quantum Inc. focuses on the development and delivery of quantum computing systems, software, and services across the globe. Its notable offerings include the Advantage fifth-generation quantum computer, the Ocean suite of open-source Python tools, and the Leap cloud-based service, which provides real-time access to live quantum computing resources, hybrid solvers, and a comprehensive suite of developer tools and community engagement.

Investment Considerations

Before making an investment decision in D-Wave Quantum, it is important to consider the latest analyst ratings and market activities. Although the stock currently enjoys a "buy" rating from analysts, there may be other stocks that analysts recommend more strongly based on their current assessments. Potential investors should conduct thorough research to make informed decisions regarding their portfolios.

D-Wave, Stocks, Trading