D-Wave Quantum (NYSE:QBTS) Sees Strong Trading Volume Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS) saw unusually-high trading volume on Wednesday 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. Approximately 72,462,601 shares were traded during trading, a decline of 24% from the previous session’s volume of 94,879,875 shares.The stock last traded at $6.14 and had previously closed at $4.73.

A number of other analysts have also recently issued reports on QBTS. Craig Hallum increased their price objective on D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reissued a “buy” rating and set a $2.25 price objective on shares of D-Wave Quantum in a report on Friday, November 15th. Roth Mkm increased their price objective on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of D-Wave Quantum in a report on Tuesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $6.38.

Insider Buying and Selling at D-Wave Quantum

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $4.21, for a total transaction of $35,522,266.53. Following the transaction, the insider now directly owns 1,000,000 shares in the company, valued at approximately $4,210,000. This represents a 89.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 20,138,711 shares of company stock valued at $92,022,537 in the last 90 days. Corporate insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

Institutional investors have recently modified their holdings of the company. Arkadios Wealth Advisors bought a new position in shares of D-Wave Quantum during the 4th quarter valued at about $162,000. Sovereign Financial Group Inc. purchased a new position in D-Wave Quantum in the 4th quarter worth approximately $179,000. Thoroughbred Financial Services LLC purchased a new position in D-Wave Quantum in the 2nd quarter worth approximately $45,000. SG Americas Securities LLC purchased a new position in D-Wave Quantum in the 3rd quarter worth approximately $42,000. Finally, Bogart Wealth LLC purchased a new position in D-Wave Quantum in the 3rd quarter worth approximately $49,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Trading Up 22.2 %

The stock has a 50 day simple moving average of $4.97 and a 200 day simple moving average of $2.41. The firm has a market capitalization of $1.56 billion, a PE ratio of -13.76 and a beta of 1.16.

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.