D-Wave Quantum (NYSE:QBTS) Shares Up 16.3% After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) shares traded up 16.3% during trading on Friday after Benchmark raised their price target on the stock from $3.00 to $8.00. Benchmark currently has a buy rating on the stock. D-Wave Quantum traded as high as $7.55 and last traded at $7.41. 53,916,503 shares were traded during mid-day trading, an increase of 393% from the average session volume of 10,933,023 shares. The stock had previously closed at $6.37.

A number of other research firms also recently issued reports on QBTS. B. Riley boosted their price target on D-Wave Quantum from $3.75 to $4.50 and gave the company a “buy” rating in a research note on Monday, November 25th. Craig Hallum raised their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $2.25 target price on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Roth Mkm lifted their price target on shares of D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $5.63.

Insider Activity at D-Wave Quantum

In related news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction on 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 transaction, the insider now owns 1,000,000 shares in the company, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On D-Wave Quantum

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp boosted its stake in shares of D-Wave Quantum by 0.9% in the third quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after acquiring an additional 17,225 shares during the period. Instrumental Wealth LLC lifted its holdings in D-Wave Quantum by 85.9% in the 2nd quarter. Instrumental Wealth LLC now owns 54,240 shares of the company’s stock worth $62,000 after purchasing an additional 25,067 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $45,000. SG Americas Securities LLC bought a new position in D-Wave Quantum in the 3rd quarter worth approximately $42,000. Finally, Bogart Wealth LLC purchased a new stake in D-Wave Quantum during the 3rd quarter valued at approximately $49,000. 42.47% of the stock is owned by institutional investors.

D-Wave Quantum Price Performance

The firm’s 50-day moving average price is $2.64 and its 200-day moving average price is $1.59. The stock has a market cap of $1.44 billion, a P/E ratio of -15.33 and a beta of 1.79.

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.