D-Wave Quantum (NYSE:QBTS) Trading 21.1% Higher After Analyst Upgrade

D-Wave Quantum Inc. (NYSE:QBTS)’s stock price rose 21.1% during 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. Approximately 111,753,437 shares were traded during trading, an increase of 11% from the average daily volume of 100,670,453 shares. The stock had previously closed at $4.73.

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

Insider Activity

In other D-Wave Quantum news, major shareholder Sector Pension Investme Public sold 8,437,593 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was 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 owns 1,000,000 shares of the company’s stock, valued at approximately $4,210,000. This trade represents a 89.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 20,138,711 shares of company stock worth $92,022,537. Company insiders own 7.22% of the company’s stock.

Hedge Funds Weigh In On D-Wave Quantum

A number of large investors have recently modified their holdings of QBTS. State Street Corp increased its stake in D-Wave Quantum by 0.9% during the 3rd quarter. State Street Corp now owns 2,020,977 shares of the company’s stock valued at $1,986,000 after purchasing an additional 17,225 shares in the last quarter. Sovereign Financial Group Inc. acquired a new position in shares of D-Wave Quantum during the fourth quarter valued at about $179,000. Thoroughbred Financial Services LLC bought a new stake in shares of D-Wave Quantum during the second quarter worth about $45,000. SG Americas Securities LLC acquired a new stake in shares of D-Wave Quantum in the 3rd quarter worth about $42,000. Finally, Bogart Wealth LLC bought a new position in D-Wave Quantum in the 3rd quarter valued at about $49,000. 42.47% of the stock is currently owned by institutional investors.

D-Wave Quantum Stock Performance

The business 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 cap of $1.49 billion, a price-to-earnings ratio of -13.14 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.