D-Wave Quantum (NYSE:QBTS) Trading Up 9.9% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s share price shot up 9.9% during mid-day trading on Tuesday after B. Riley raised their price target on the stock from $4.50 to $9.00. B. Riley currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.69 and last traded at $4.21. 57,426,511 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 89,007,086 shares. The stock had previously closed at $3.83.

Several other analysts have also weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a research report on Tuesday. Finally, Craig Hallum boosted their target price on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $6.38.

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 shares were 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 owns 1,000,000 shares in the company, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 over the last 90 days. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently modified their holdings of QBTS. Sovereign Financial Group Inc. purchased a new stake in shares of D-Wave Quantum during the 4th quarter valued at approximately $179,000. Silverleafe Capital Partners LLC purchased a new position in D-Wave Quantum during the fourth quarter worth about $820,000. Barclays PLC increased its stake in D-Wave Quantum by 298.3% in the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock worth $117,000 after acquiring an additional 89,894 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of D-Wave Quantum by 33.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after acquiring an additional 645,039 shares in the last quarter. Finally, State Street Corp boosted its position in shares of D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after acquiring an additional 17,225 shares during the last quarter. Hedge funds and other institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Price Performance

The company has a fifty day moving average price of $4.89 and a 200 day moving average price of $2.38. The company has a market cap of $1.16 billion, a PE ratio of -10.29 and a beta of 1.16.

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.