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

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price traded up 9.9% during mid-day trading 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. 57,426,511 shares were traded during trading, a decline of 35% from the average session volume of 89,007,086 shares. The stock had previously closed at $3.83.

QBTS has been the topic of several other reports. Roth Mkm raised their price target on D-Wave Quantum from $3.00 to $7.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $2.25 price target on shares of D-Wave Quantum in a report on Friday, November 15th. Finally, Craig Hallum increased their target price on shares of D-Wave Quantum from $2.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $6.38.

Insiders Place Their Bets

In other news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of D-Wave Quantum stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 1,000,000 shares in the company, valued at $4,210,000. The trade was a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 10,081,459 shares of company stock valued at $45,337,894. Insiders own 7.22% of the company’s stock.

Institutional Investors Weigh In On D-Wave Quantum

A number of large investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC boosted its stake 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 buying an additional 839,942 shares during the last quarter. Geode Capital Management LLC increased its position in shares of D-Wave Quantum by 33.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,555,927 shares of the company’s stock valued at $2,513,000 after purchasing an additional 645,039 shares during the last quarter. State Street Corp lifted its stake in shares of D-Wave Quantum by 0.9% in the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock worth $1,986,000 after purchasing an additional 17,225 shares during the period. Marshall Wace LLP purchased a new position in shares of D-Wave Quantum in the second quarter worth approximately $265,000. Finally, Bank of New York Mellon Corp purchased a new stake in D-Wave Quantum during the second quarter valued at approximately $251,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Stock Up 12.8 %

The firm has a market capitalization of $1.16 billion, a PE ratio of -10.29 and a beta of 1.16. The stock’s fifty day simple moving average is $4.89 and its 200 day simple moving average is $2.38.

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.