D-Wave Quantum (NYSE:QBTS) Trading 9.5% Higher on Analyst Upgrade

Shares of D-Wave Quantum Inc. (NYSE:QBTS) traded up 9.5% during mid-day trading on Thursday after Roth Mkm raised their price target on the stock from $3.00 to $7.00. Roth Mkm currently has a buy rating on the stock. D-Wave Quantum traded as high as $4.63 and last traded at $4.51. 26,111,887 shares were traded during trading, an increase of 238% from the average session volume of 7,726,460 shares. The stock had previously closed at $4.12.

QBTS has been the subject of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. B. Riley increased their price objective on shares of D-Wave Quantum from $3.75 to $4.50 and gave the stock a “buy” rating in a research report on Monday, November 25th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, D-Wave Quantum presently has a consensus rating of “Buy” and a consensus target price of $3.71.

Insider Buying and Selling at D-Wave Quantum

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 643,866 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $4.87, for a total value of $3,135,627.42. Following the completion of the transaction, the insider now directly owns 18,730,193 shares of the company’s stock, valued at $91,216,039.91. This represents a 3.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in D-Wave Quantum by 17.9% in the first quarter. Vanguard Group Inc. now owns 1,070,337 shares of the company’s stock valued at $2,183,000 after acquiring an additional 162,688 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of D-Wave Quantum by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 4,485,777 shares of the company’s stock worth $4,409,000 after purchasing an additional 839,942 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of D-Wave Quantum in the 2nd quarter worth about $163,000. Bank of New York Mellon Corp acquired a new stake in shares of D-Wave Quantum in the 2nd quarter valued at about $251,000. Finally, Thoroughbred Financial Services LLC bought a new position in shares of D-Wave Quantum during the second quarter worth about $45,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 27.7 %

The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -11.89 and a beta of 1.79. The stock has a 50 day moving average of $1.99 and a 200 day moving average of $1.38.

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.