D-Wave Quantum (NYSE:QBTS) Stock Price Up 1.7% – What’s Next?

D-Wave Quantum Inc. (NYSE:QBTS) shares traded up 1.7% during mid-day trading on Thursday . The company traded as high as $19.49 and last traded at $19.3850. 19,596,329 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 34,351,227 shares. The stock had previously closed at $19.07.

Analyst Ratings Changes

QBTS has been the topic of a number of analyst reports. Roth Mkm set a $40.00 target price on shares of D-Wave Quantum in a research note on Thursday, November 6th. Canaccord Genuity Group set a $43.00 price objective on D-Wave Quantum in a report on Thursday, January 29th. TD Cowen assumed coverage on D-Wave Quantum in a research note on Thursday, February 12th. They set a “buy” rating for the company. Jefferies Financial Group initiated coverage on D-Wave Quantum in a research report on Tuesday, December 16th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Cantor Fitzgerald increased their price target on D-Wave Quantum from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus price target of $38.21.

D-Wave Quantum Price Performance

The company has a fifty day moving average of $25.16 and a 200-day moving average of $24.87. The company has a current ratio of 54.68, a quick ratio of 54.49 and a debt-to-equity ratio of 0.05. The stock has a market cap of $7.17 billion, a PE ratio of -14.36 and a beta of 1.56.

Insider Activity

In other D-Wave Quantum news, CEO Alan E. Baratz sold 35,013 shares of the firm’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $28.06, for a total value of $982,464.78. Following the completion of the transaction, the chief executive officer owned 2,598,150 shares of the company’s stock, valued at $72,904,089. This trade represents a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kirstjen Nielsen sold 7,000 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $22.62, for a total value of $158,340.00. Following the completion of the sale, the director owned 112,673 shares in the company, valued at approximately $2,548,663.26. The trade was a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,074,466 shares of company stock worth $31,558,806 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several hedge funds and other institutional investors have recently made changes to their positions in QBTS. GAMMA Investing LLC grew its position in shares of D-Wave Quantum by 34.6% during the third quarter. GAMMA Investing LLC now owns 1,874 shares of the company’s stock worth $46,000 after acquiring an additional 482 shares during the last quarter. Blue Bell Private Wealth Management LLC boosted its stake in D-Wave Quantum by 5.3% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 9,901 shares of the company’s stock worth $245,000 after purchasing an additional 500 shares during the period. Huntington National Bank grew its position in D-Wave Quantum by 17.9% during the 3rd quarter. Huntington National Bank now owns 3,300 shares of the company’s stock worth $82,000 after purchasing an additional 500 shares during the last quarter. bLong Financial LLC increased its stake in D-Wave Quantum by 2.3% in the second quarter. bLong Financial LLC now owns 24,643 shares of the company’s stock valued at $361,000 after purchasing an additional 551 shares during the period. Finally, Sigma Planning Corp raised its holdings in shares of D-Wave Quantum by 3.6% in the fourth quarter. Sigma Planning Corp now owns 16,329 shares of the company’s stock valued at $431,000 after buying an additional 560 shares during the last quarter. Institutional investors and hedge funds 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.