D-Wave Quantum (NYSE:QBTS) Trading 19.8% Higher – Here’s What Happened

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 19.8% on Monday . The stock traded as high as $6.14 and last traded at $5.99. 54,103,875 shares traded hands during trading, an increase of 550% from the average session volume of 8,321,217 shares. The stock had previously closed at $5.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley lifted their price objective on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Roth Mkm boosted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, D-Wave Quantum has an average rating of “Buy” and a consensus target price of $3.71.

D-Wave Quantum Trading Up 44.6 %

The company has a market cap of $1.62 billion, a P/E ratio of -14.26 and a beta of 1.79. The business has a 50 day moving average price of $1.99 and a 200-day moving average price of $1.38.

Insider Transactions at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 643,866 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $4.87, for a total transaction of $3,135,627.42. Following the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at approximately $91,216,039.91. The trade was a 3.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in D-Wave Quantum in the 3rd quarter valued at $42,000. Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum in the second quarter worth $45,000. Bogart Wealth LLC bought a new position in shares of D-Wave Quantum in the third quarter worth $49,000. Instrumental Wealth LLC increased its position in shares of D-Wave Quantum by 85.9% in the second quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares during the period. Finally, Rhumbline Advisers bought a new position in shares of D-Wave Quantum in the second quarter worth $93,000. 42.47% of the stock is owned by institutional investors and hedge funds.

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.