D-Wave Quantum (NYSE:QBTS) Trading Up 21.1% Following Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 21.1% during mid-day trading 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. D-Wave Quantum traded as high as $6.35 and last traded at $5.73. 111,753,437 shares were traded during mid-day trading, an increase of 11% from the average session volume of 100,670,453 shares. The stock had previously closed at $4.73.

Other equities analysts have also recently issued research reports about the company. Benchmark restated a “buy” rating and set a $8.00 target price on shares of D-Wave Quantum in a report on Tuesday. Craig Hallum lifted their price objective on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Mkm upped their target price on shares of 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, Needham & Company LLC reissued a “buy” rating and set a $2.25 price target on shares of D-Wave Quantum in a research report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $6.38.

Insider Activity at D-Wave Quantum

In related 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 directly owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. The trade was a 89.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 20,138,711 shares of company stock worth $92,022,537. 7.22% of the stock is owned by company insiders.

Institutional Trading of D-Wave Quantum

Several hedge funds and other institutional investors have recently modified their holdings of QBTS. Bank of New York Mellon Corp bought a new position in shares of D-Wave Quantum during the second quarter worth about $251,000. Rhumbline Advisers acquired a new stake in shares of D-Wave Quantum in the second quarter valued at approximately $93,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum in the second quarter worth $45,000. XTX Topco Ltd acquired a new position in D-Wave Quantum during the second quarter worth $163,000. Finally, Marshall Wace LLP bought a new position in D-Wave Quantum in the second quarter valued at $265,000. Institutional investors and hedge funds own 42.47% of the company’s stock.

D-Wave Quantum Trading Up 0.1 %

The firm’s 50 day simple moving average is $5.06 and its 200-day simple moving average is $2.43. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -13.80 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.