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

D-Wave Quantum Inc. (NYSE:QBTS) rose 9.9% 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. Approximately 57,426,511 shares traded hands during trading, a decline of 35% from the average daily volume of 89,007,086 shares. The stock had previously closed at $3.83.

A number of other equities research analysts have also recently commented on QBTS. Craig Hallum increased their price target 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. Needham & Company LLC reiterated a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a research note on Friday, November 15th. Roth Mkm increased their price target on D-Wave Quantum from $3.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of D-Wave Quantum in a research note on Tuesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, D-Wave Quantum currently has an average rating of “Buy” and a consensus target price of $6.38.

Insider Transactions at D-Wave Quantum

In other 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 stock was sold at an average price of $4.21, for a total value of $35,522,266.53. Following the completion of the transaction, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 20,138,711 shares of company stock worth $92,022,537 over the last three months. 7.22% of the stock is currently owned by insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently bought and sold shares of QBTS. Penserra Capital Management LLC grew its holdings in D-Wave Quantum by 23.0% during the third quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after acquiring an additional 839,942 shares during the period. Geode Capital Management LLC grew its holdings in D-Wave Quantum by 33.8% during the third quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock worth $2,513,000 after acquiring an additional 645,039 shares during the period. Marshall Wace LLP acquired a new stake in D-Wave Quantum during the second quarter worth about $265,000. Bank of New York Mellon Corp acquired a new stake in D-Wave Quantum during the second quarter worth about $251,000. Finally, Squarepoint Ops LLC acquired a new stake in D-Wave Quantum during the second quarter worth about $163,000. 42.47% of the stock is owned by institutional investors and hedge funds.

D-Wave Quantum Price Performance

The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -13.76 and a beta of 1.16. The firm has a fifty day moving average of $4.97 and a 200 day moving average of $2.41.

About D-Wave Quantum

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.