D-Wave Quantum (NYSE:QBTS) Trading 5.6% Higher – Here’s Why

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 5.6% on Wednesday . The company traded as high as $19.81 and last traded at $19.7040. 25,112,991 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 33,069,625 shares. The stock had previously closed at $18.66.

Wall Street Analysts Forecast Growth

QBTS has been the subject of several research analyst reports. Zacks Research upgraded D-Wave Quantum from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Roth Mkm set a $40.00 target price on D-Wave Quantum in a report on Thursday, November 6th. Benchmark reiterated a “buy” rating and issued a $35.00 target price on shares of D-Wave Quantum in a research report on Friday, January 23rd. Needham & Company LLC reissued a “buy” rating and set a $48.00 price target on shares of D-Wave Quantum in a research note on Thursday, January 29th. Finally, Wedbush initiated coverage on D-Wave Quantum in a research note on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $38.21.

D-Wave Quantum Price Performance

The company has a fifty day simple moving average of $24.58 and a 200 day simple moving average of $24.96. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of -14.60 and a beta of 1.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 54.49 and a current ratio of 54.68.

Insider Buying and Selling

In other D-Wave Quantum news, CFO John M. Markovich sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $30.03, for a total transaction of $3,003,000.00. Following the completion of the transaction, the chief financial officer owned 1,471,312 shares in the company, valued at approximately $44,183,499.36. This trade represents a 6.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rohit Ghai sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $24.28, for a total transaction of $242,800.00. Following the completion of the transaction, the director owned 37,778 shares in the company, valued at $917,249.84. This trade represents a 20.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,074,466 shares of company stock valued at $31,558,806 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On D-Wave Quantum

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in D-Wave Quantum by 34.6% during the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock valued at $46,000 after acquiring an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC lifted its stake in shares of D-Wave Quantum by 5.3% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock valued at $245,000 after purchasing an additional 500 shares during the period. Huntington National Bank boosted its position in shares of D-Wave Quantum by 17.9% during the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock valued at $82,000 after purchasing an additional 500 shares in the last quarter. bLong Financial LLC boosted its position in shares of D-Wave Quantum by 2.3% during the 2nd quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after purchasing an additional 551 shares in the last quarter. Finally, Sigma Planning Corp grew its stake in D-Wave Quantum by 3.6% during the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock worth $431,000 after purchasing an additional 560 shares during the period. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.