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

D-Wave Quantum Inc. (NYSE:QBTS) experienced a notable increase in its stock price, rising by 4.3% during trading on Tuesday. The shares peaked at $6.26 before settling at $6.01. Throughout the day, around 31,676,898 shares exchanged hands, reflecting a significant drop of 67% compared to the average daily volume of 95,833,469 shares. The stock had ended the previous trading session at $5.76.

Wall Street Analysts Forecast Growth

Analysts on Wall Street have shared positive sentiments regarding D-Wave Quantum. The firm Benchmark maintained a "buy" rating on the company's stock, setting a target price of $8.00 in a report issued on January 14th. Furthermore, B. Riley increased their price target from $4.50 to $9.00, also designating the stock as a "buy". Craig Hallum raised their target from $2.50 to $9.00, reinforcing the buy recommendation on December 20th. Roth MKM adjusted their target price from $3.00 to $7.00 on December 12th, affirming the buy rating. Lastly, Needham & Company LLC reestablished their "buy" rating with a price target of $2.25 on November 15th. Currently, six analysts have rated D-Wave Quantum stock as a buy, which contributes to a consensus rating of "Buy" with an average price target of $6.38.

D-Wave Quantum Price Performance

The market capitalization of D-Wave Quantum stands at $1.55 billion, with a price-to-earnings (PE) ratio of -13.75 and a beta value of 1.10. The stock's fifty-day moving average is $6.09, while its 200-day moving average is $2.86.

Insider Transactions at D-Wave Quantum

Regarding insider activities, CEO Alan E. Baratz sold 8,372 shares of the company on January 23rd at an average price of $5.27, totaling approximately $44,120.44. After this transaction, Baratz retains ownership of 2,342,208 shares, valued at around $12,343,436.16, indicating a decrease of 0.36% in his holding. Additionally, a major shareholder, Sector Pension Investments Public, sold 8,437,593 shares on December 12th for an average price of $4.21, amounting to $35,522,266.53. Post-sale, this shareholder possesses 1,000,000 shares, valued at about $4,210,000, reflecting an 89.40% decline in their stake. Over the past 90 days, insiders have sold 20,152,665 shares worth roughly $92,096,075, with corporate insiders holding 7.22% of the company's stock.

Institutional Trading of D-Wave Quantum

In recent months, several institutional investors have altered their positions in D-Wave Quantum. SG Americas Securities LLC entered a new investment in the third quarter, valuing at approximately $42,000. Similarly, Bogart Wealth LLC invested around $49,000 in the same quarter. Kingsview Wealth Management acquired shares worth about $84,000 in the fourth quarter, while Spire Wealth Management held a new stake valued at approximately $90,000. Additionally, Vontobel Holding Ltd. purchased shares valued at roughly $105,000 in the fourth quarter. Currently, institutional investors hold approximately 42.47% of the stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc. is engaged in the development and delivery of quantum computing systems, software, and services globally. Their product offerings include Advantage, a fifth-generation quantum computer, the Ocean suite of open-source Python tools, and Leap, a cloud-based service that provides real-time access to a live quantum computing platform along with educational resources and community support.

Conclusion

In summary, D-Wave Quantum's recent stock performance shows an upward trend, supported by favorable analyst ratings and strategic insider trading activities. Investors may want to closely monitor the company's developments and market responses in the upcoming periods.

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