D-Wave Quantum (NYSE:QBTS) Shares Gap Up Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares gapped up before the market opened on Monday after Benchmark raised their price target on the stock from $3.00 to $8.00. The stock had previously closed at $6.44, but opened at $8.02. Benchmark currently has a buy rating on the stock. D-Wave Quantum shares last traded at $7.18, with a volume of 37,915,410 shares trading hands.

Other equities research analysts have also issued research reports about the stock. B. Riley upped their price target on shares of D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm lifted their target price on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.25 price objective on shares of D-Wave Quantum in a research note on Friday, November 15th. Finally, Craig Hallum boosted their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, D-Wave Quantum currently has a consensus rating of “Buy” and a consensus target price of $5.63.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $4.21, for a total value of $35,522,266.53. Following the sale, the insider now owns 1,000,000 shares in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 10,081,459 shares of company stock valued at $45,337,894 over the last ninety days. 7.22% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On D-Wave Quantum

Several large investors have recently made changes to their positions in QBTS. Thoroughbred Financial Services LLC purchased a new stake in D-Wave Quantum during the second quarter valued at $45,000. SG Americas Securities LLC bought a new position in D-Wave Quantum during the third quarter valued at $42,000. Bogart Wealth LLC purchased a new stake in shares of D-Wave Quantum in the third quarter valued at $49,000. Rhumbline Advisers purchased a new position in shares of D-Wave Quantum during the 2nd quarter worth about $93,000. Finally, Barclays PLC grew its holdings in D-Wave Quantum by 298.3% during the 3rd quarter. Barclays PLC now owns 120,029 shares of the company’s stock valued at $117,000 after purchasing an additional 89,894 shares during the last quarter. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Trading Down 2.5 %

The company has a market capitalization of $1.78 billion, a PE ratio of -18.93 and a beta of 1.79. The stock’s 50-day moving average is $2.78 and its two-hundred day moving average is $1.64.

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.