D-Wave Quantum (NYSE:QBTS) Stock Price Up 14% – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS) shares were up 14% during trading on Friday . The stock traded as high as $6.86 and last traded at $6.88. Approximately 52,471,384 shares changed hands during trading, a decline of 52% from the average daily volume of 109,127,320 shares. The stock had previously closed at $6.03.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on QBTS. Craig Hallum raised their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. B. Riley upped their price objective on shares of D-Wave Quantum from $4.50 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday, January 14th. Finally, Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $6.38.

D-Wave Quantum Trading Up 1.1 %

The firm’s fifty day simple moving average is $5.65 and its two-hundred day simple moving average is $2.65. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -14.51 and a beta of 1.16.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction dated 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 directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Spire Wealth Management purchased a new stake in shares of D-Wave Quantum in the 4th quarter valued at approximately $90,000. Sonora Investment Management Group LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $135,000. Strategic Advocates LLC purchased a new stake in D-Wave Quantum in the fourth quarter valued at approximately $148,000. Arkadios Wealth Advisors acquired a new position in D-Wave Quantum during the fourth quarter worth $162,000. Finally, Sovereign Financial Group Inc. purchased a new position in shares of D-Wave Quantum during the fourth quarter worth $179,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

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.