D-Wave Quantum (NYSE:QBTS) Trading Up 10.8% - Here's What Happened

D-Wave Quantum Inc. (NYSE:QBTS) saw its shares rise by 10.8% on Wednesday, with the stock reaching a high of $6.00 before last trading at $5.91. During the trading session, roughly 26,157,515 shares exchanged hands, which is significantly lower—about 70%—than the average daily volume of 87,634,469 shares. The previous closing price for the stock was $5.33.

Analysts Set New Price Targets

A number of financial analysts have recently provided updates regarding D-Wave Quantum. B. Riley raised its price target from $4.50 to $9.00, recommending the stock as a "buy" in a report released on January 14. Roth MKM also increased its target for the stock from $3.00 to $7.00, while assigning a "buy" rating in their report dated December 12. Needham & Company LLC maintained a "buy" rating with a target price of $2.25, which they reported on November 15. Benchmark, on January 14, reiterated a "buy" rating, targeting a price of $8.00. Craig Hallum also elevated their price objective from $2.50 to $9.00, affirming a "buy" rating in a report from December 20. According to MarketBeat.com, six research analysts currently rate the stock as a "buy," with an average target price set at $6.38.

D-Wave Quantum Stock Performance

The stock is currently valued at a market cap of $1.61 billion, with a price-to-earnings ratio of -14.18 and a beta of 1.10. Its 50-day moving average is $6.45, while the 200-day moving average sits at $3.06.

Insider Transactions at D-Wave Quantum

In additional news, a major shareholder, Sector Pension Investme Public, sold 8,437,593 shares on December 12 at an average price of $4.21, totaling approximately $35.5 million. After this transaction, they own 1,000,000 shares valued at roughly $4.2 million, which marks an 89.4% reduction in their holdings. This sale was officially reported to the Securities & Exchange Commission. Furthermore, CEO Alan E. Baratz sold 8,372 shares on January 23 at an average price of $5.27, generating $44,120 from that transaction. After this sale, the CEO's remaining ownership in the company is about 2,342,208 shares, valued at approximately $12.34 million, reflecting a decrease of 0.36% in their holding. In the last 90 days, insiders have sold a total of 20,152,665 shares worth about $92 million, with insiders collectively holding 7.22% of the company’s stock.

Institutional Trading of D-Wave Quantum

Recent movements in the stock have also been affected by institutional investors. PNC Financial Services Group Inc. acquired a new stake in D-Wave Quantum worth $38,000 during the fourth quarter. SG Americas Securities LLC invested approximately $42,000, and Bogart Wealth LLC took a new position valued at about $49,000 in the third quarter. Heritage Wealth Advisors and Kingsview Wealth Management LLC also joined in, with new stakes worth $67,000 and $84,000, respectively. Institutional investors now control 42.47% of D-Wave Quantum’s stock.

About D-Wave Quantum

D-Wave Quantum Inc. specializes in developing and providing quantum computing systems, software, and services globally. The company’s offerings include the Advantage, a fifth-generation quantum computer, Ocean, a suite of open-source Python tools, and Leap, which is a cloud service that allows real-time access to a live quantum computer. This platform provides users with access to the Advantage system, along with various hybrid solvers, an Ocean software development kit, demos, learning resources, and a supportive developer community.

stock, increase, analysts