D-Wave Quantum (NYSE:QBTS) Trading 4.9% Higher – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) rose 4.9% during mid-day trading on Friday . The stock traded as high as $20.07 and last traded at $19.7390. Approximately 23,739,313 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 35,569,129 shares. The stock had previously closed at $18.82.

Analysts Set New Price Targets

QBTS has been the topic of a number of recent research reports. Mizuho assumed coverage on D-Wave Quantum in a report on Thursday, December 11th. They issued an “outperform” rating and a $46.00 target price on the stock. Zacks Research raised 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 price objective on D-Wave Quantum in a report on Thursday, November 6th. TD Cowen started coverage on shares of D-Wave Quantum in a research note on Thursday. They set a “buy” rating for the company. Finally, Wedbush began coverage on shares of D-Wave Quantum in a research report on Wednesday, December 17th. They issued an “outperform” rating and a $35.00 target price on the stock. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, D-Wave Quantum currently has a consensus rating of “Moderate Buy” and an average price target of $38.21.

D-Wave Quantum Trading Up 4.9%

The company has a fifty day moving average price of $25.84 and a 200-day moving average price of $24.77. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of -14.62 and a beta of 1.56. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05.

Insider Buying and Selling

In other news, CFO John M. Markovich sold 9,179 shares of the firm’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $257,562.74. Following the transaction, the chief financial officer owned 1,462,133 shares in the company, valued at approximately $41,027,451.98. This trade represents a 0.62% 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, CEO Alan E. Baratz sold 35,013 shares of D-Wave Quantum stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total transaction of $982,464.78. Following the completion of the sale, the chief executive officer directly owned 2,598,150 shares of the company’s stock, valued at approximately $72,904,089. The trade was a 1.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,274,466 shares of company stock valued at $36,146,806. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Baird Financial Group Inc. boosted its position in D-Wave Quantum by 12.0% during the first quarter. Baird Financial Group Inc. now owns 12,135 shares of the company’s stock worth $92,000 after purchasing an additional 1,300 shares during the period. Royal Bank of Canada lifted its stake in shares of D-Wave Quantum by 59.8% in the first quarter. Royal Bank of Canada now owns 162,088 shares of the company’s stock worth $1,231,000 after buying an additional 60,668 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of D-Wave Quantum by 201.0% in the first quarter. AQR Capital Management LLC now owns 200,765 shares of the company’s stock worth $1,526,000 after buying an additional 134,066 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of D-Wave Quantum by 93.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,572 shares of the company’s stock worth $825,000 after buying an additional 52,437 shares during the period. Finally, NewEdge Advisors LLC grew its stake in D-Wave Quantum by 125.7% in the 1st quarter. NewEdge Advisors LLC now owns 43,786 shares of the company’s stock valued at $333,000 after buying an additional 24,382 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

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.